Electric vehicle maker %Tesla (NASDAQ: $TSLA) has reported that it held 9,720 %Bitcoin (CRYPTO: $BTC) valued at $1.07 billion U.S. at the end of 2024.
The Bitcoin holding and its value were reported alongside the company’s fourth-quarter 2024 financial results.
Tesla’s holdings of Bitcoin remained unchanged from previous quarters, but its value rose significantly from what had been listed as $184 million U.S. worth of Bitcoin previously.
The change in value is due to a rise in the price of Bitcoin and a new accounting rule that requires the value of cryptocurrencies to be reported using a marked-to-market process.
Previously, corporate holders of Bitcoin were required to report their digital holdings at what was their lowest valuation during the time of ownership.
The new accounting rule more accurately reflects the current value of Tesla’s Bitcoin holdings.
With 9,720 Bitcoin, the electric vehicle maker is the sixth largest publicly traded company to hold the cryptocurrency on its balance sheet.
The Bitcoin holdings have no effect on the company’s earnings, which came in at $0.73 U.S. per share in the fourth quarter of last year, missing Wall Street forecasts of $0.76 U.S.
Tesla’s stock has gained 103% in the last 12-months to trade at $389.10 U.S. per share.
Bitcoin is currently trading at $105,000 U.S., having risen 143% in the past year.
