Elon Musk's company has made $600 million in profit from its investment in Bitcoin . This follows from Tesla's report for the fourth quarter of 2024.
Electric vehicle maker starts investing in Bitcoin in January 2021. At that time, Tesla acquired the leading cryptocurrency for $1,5 billion, facing both support for its decision and harsh criticism from the investment community.
Despite the fact that the company has since sold almost 70% of its Bitcoin -assets, it still holds 9720 BTC, worth about $946 million. That makes Tesla the sixth-largest corporate holder of the flagship cryptocurrency.
Elon Musk Explains Sale Bitcoin -Tesla assets with the desire to demonstrate liquidity assets and strengthen the company's balance sheet during times of uncertainty. But in doing so, the electric car maker missed out on billions of dollars in profits.
If Tesla had kept everything Bitcoin - a reserve of 39 coins, then today they would be valued at approximately $474 billion (with a BTC price of about $3,8).
Tesla acquired bitcoin three years before the US Financial Accounting Standards Board approved rules in December 2023 that allow corporate holders of digital assets to report their fair value or estimated market value in their financial statements.
Previously, the value of crypto assets held by companies decreased if their price fell during the reporting period. Thus, the US authorities required companies to use Bitcoin at the lowest price, hiding unrealized profits.
The new accounting rules came into force in December 2024.
