Tesla (TSLA) still held 11,509 BTC, valued at approximately $1.35 billion at the end of the third quarter (valued slightly less as of today).
The rise in the value of Bitcoin during the third quarter allowed the company to realize a gain of $80 million on its holdings. For perspective, adjusted EBITDA for the quarter was $4.3 billion and the company had total cash and equivalents of $41.6 billion at 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 (which would not include gains from digital assets) of $0.50 was below forecasts of $0.54.
Thanks to new FASB rules, Tesla must now recognize bitcoin gains or losses every quarter. Previously, companies were required to reduce their assets to the lowest value reached during the reference period.
TSLA shares are slightly lower after hours, at $434.
