Tesla Q3 profit increased by approximately $80 million due to changes in Bitcoin fair value

According to ChainCatcher, citing CoinDesk, Tesla (TSLA) did not change its holdings of 11,509 bitcoin (BTC) in the third quarter. Due to the price increase, the company recognized a gain of approximately $80 million, with the digital assets valued at around $1.35 billion at the end of the period.

The company’s Q3 revenue was $28.1 billion, exceeding the market expectation of $26.36 billion; adjusted earnings per share were $0.5, below the expected $0.54. According to the new FASB rules, the company must recognize the fair value changes of crypto assets on a quarterly basis. After-hours stock price fell slightly to around $434.