Many benefitted from Bitcoin's rise in value over the past few months, including EV company Tesla.
Electric car company Tesla (NASDAQ:TSLA) has revealed a $600 million gain from its Bitcoin holdings in the fourth quarter of 2024.
The revelation was made during Tesla's Q4 2024 earnings call, where CFO Vaibhav Taneja disclosed the company's net income, which was driven largely by a record performance in its automotive business. However, the company also highlighted a key benefit from its Bitcoin holdings.
“Our net income was $600 million higher in Q4 as a result of an appreciation in the fair market value of our Bitcoin holdings,” Teneja said during the earnings call.
The disclosure follows Tesla's initial investment of $1.5 billion in Bitcoin, which was announced in February 2021. The company later sold 75% of its Bitcoin holdings in the second quarter of 2024, generating a net gain of $936 million.
Bitcoin experienced a significant rally in the fourth quarter of 2024, rising from $64,711 on October 1 to an all-time high of $106,490 on December 17. The rally was driven by optimism over the upcoming halving event and institutional interest in the cryptocurrency.
Tesla's stock price also rose sharply in 2024, with the company briefly becoming the world's most valuable company by market capitalization. The stock closed 2024 at a record high of $1,666.94.
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