Elon Musk's Tesla Reports $600M Gain In Digital Asset Holdings In Q4 2024, HODLs Bitcoin

Electric vehicle giant Tesla on Wednesday reported a $600 million gain on its digital asset holdings during the fourth quarter of 2024 after it adopted a late 2023 accounting rule by the Financial Accounting Standards Board (FASB) that required companies to report their cryptocurrency or digital asset holdings at fair market value instead of the lowest recorded price since the assets were purchased.

Tesla said in its Wednesday report that it logged a "$0.6B mark-to-market gain on digital assets," but did not specify which specific assets the EV titan held. By adopting the new accounting rule, Tesla's digital asset holdings value is now at $1.076 billion as per the company's Q4 2024 earnings report.

Tesla and Bitcoin

Elon Musk's Tesla is known to have purchased Bitcoin. Leading blockchain analytics firm Arkham Intelligence identified a wallet linked to the EV maker that showed the company had over 11,500 Bitcoin worth more than $1.21 billion as of early Thursday – a number that's somehow close to the company's reported digital asset holdings value.

At least based on Tesla's Wednesday financial report, the EV giant didn't sell any of its Bitcoins during the fourth quarter.

It is unclear if Tesla also purchased other digital assets, but Musk has been very vocal of his admiration for Dogecoin (DOGE), the world's largest meme coin by market cap.

$BTC Pumps on Tesla's HODL News

It appears BTC prices were affected positively by news regarding Tesla's decision to "HODL" its massive Bitcoin stash.

The world's largest crypto asset by market cap surged above $105,000 early Thursday, representing a 2.7% spike in the last 24 hours. As of writing, the digital coin is trading above $105,300.

Crypto users on X are also pleased to know Tesla is a "HODLer," especially at a time when more and more public companies are adopting a Bitcoin treasury strategy.

Some are expecting that "corporate FOMO" will kick in this year, referring to investors experiencing a "fear of missing out" on emerging industries or assets.

Long-time BTC holder thutski said Tesla's gains would be much bigger if the EV company started "stacking" on Bitcoin again.

Following Tesla's report, Bitcoiners are now anticipating MicroStrategy's earnings report should it also adopt the new accounting rule. MicroStrategy is the world's largest known corporate holder of BTC, with a total of 471,107 Bitcoin.

Tesla isn't close to MicroStrategy's staggering BTC treasury, but with companies joining the race toward Bitcoin strategies and a new government that's been very open so far to blockchain technology, only time will tell if the EV titan stacks bitcoin again.