Tesla (TSLA) continued to hold 11,509 BTC worth about $1.35 billion at the end of the third quarter (valued somewhat less today).
The rise in bitcoin’s value during the third quarter allowed the company to book an $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 at the end of the quarter.
The electric carmaker reported third-quarter revenue of $28.1 billion, topping estimates of $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, companies were required to mark their inventories down to the lowest value achieved during the reporting period.
Shares of TSLA are modestly lower in after-hours trading at $434.
