Tesla's Bitcoin Holdings Surge Amid Accounting Changes

According to BlockBeats, Tesla's Bitcoin holdings experienced a 30% increase in value during the second quarter of this year, reaching an estimated market value of $1.2 billion. This growth is attributed to recent changes in U.S. accounting standards, which have proven advantageous for Tesla. Data from BitcoinTreasuries.Net indicates that Tesla currently possesses 11,509 Bitcoins, ranking tenth among publicly traded companies globally in terms of cryptocurrency holdings. The current Bitcoin price stands at approximately $118,000, a significant rise from $83,000 on April 1. The Financial Accounting Standards Board (FASB) recently approved a new regulation allowing companies to report their cryptocurrency assets at fair market value each quarter, starting from the first quarter of 2025. This change replaces the previous conservative approach of recording assets at the lowest value. Previously, companies could not reflect gains on their balance sheets even if Bitcoin appreciated during the holding period. Tesla's ability to reflect Bitcoin appreciation quarterly now provides shareholders with a clearer view of asset performance. The financial report also reveals Tesla's quarterly revenue of $22.5 billion, surpassing analysts' expectations of $22.3 billion, with earnings per share at $0.40, meeting market predictions.