Tesla (TSLA) holds 11,509 BTC, worth about $1.35 billion at the end of the third quarter (it’s worth slightly less as of today).
The rise in Bitcoin’s value during the third quarter allowed the company to record an $80 million profit on its holdings. For perspective, adjusted EBITDA for the quarter was $4.3 billion and the company was sitting on total cash and equivalents of $41.6 billion as of the end of the quarter.
The electric vehicle maker reported third-quarter revenue of $28.1 billion, beating estimates of $26.36 billion. Adjusted EPS of $0.50 (which will exclude digital asset gains) was below forecasts of $0.54.
Thanks to new FASB rules, Tesla will now have to recognize a profit or loss on Bitcoin every quarter. Previously, companies were required to mark down their stake to a minimum value during the reporting period.
TSLA shares are down slightly at $434 in after-hours trading.