Tesla (TSLA) continues to hold 11,509 BTC, which was worth about $1.35 billion at the end of the third quarter (worth a bit less today).
The increase in the value of Bitcoin in the third quarter allowed the company to book a $ 80 million gain 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 through the end of the quarter.
The electric vehicle manufacturer reported third quarter earnings of $ 28.1 billion, the top estimate of $ 26.36 billion. Adjusted EP (which excludes digital asset acquisitions) 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, companies were required to mark down their holdings to the lowest value reached during the reporting period.
TSLA shares were modestly lower in after-hours trading at $434.
