Tesla Booked $80M Profit on Bitcoin Holdings in Q3

Tesla (TSLA) continued to hold 11,509 BTC, valued at around $1.35 billion as of the end of the third quarter (valued somewhat less as of today).

The rise in bitcoin’s value during the third quarter allowed the company to book an $80 million gain on its holdings.

The electric vehicle manufacturer reported third quarter revenue of $28.1 billion, topping estimates for $26.36 billion. Adjusted EPS (which would not include digital asset gains) of $0.50 was shy of forecasts for $0.54.

Thanks to new FASB rules, Tesla must now recognize bitcoin gains or losses every quarter. Previously, firms were required to mark their holdings down to the lowest value reached during the reporting period.

Shares of TSLA are modestly lower in after hours trading at $434.