Tesla (TSLA) still held 11,509 BTC, valued at around $1.35 billion at the end of the third quarter (valued somewhat less today).
The rise in bitcoin value during the third quarter allowed the company to record an $80 million profit 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 posted third-quarter revenue of $28.1 billion, beating estimates of $26.36 billion. Adjusted EPS (which would not include digital asset earnings) of $0.50 was below expectations of $0.54.
Thanks to new FASB rules, Tesla must now recognize bitcoin gains or losses each quarter. Previously, companies were required to reduce their holdings to the lowest value achieved during the reporting period.
TSLA stock is modestly lower in after-hours trading at $434.
