Tesla Reports Bitcoin Holdings Surpass $1 Billion in Q4 2024
Tesla Inc (NASDAQ: TSLA) reported Q4 earnings, revealing its Bitcoin holdings surpassed $1 billion due to a BTC price rally exceeding $100K. Key points include:
- Gained $600 million from 9,720 BTC holdings
- Value increased from $184 million in previous quarters
- Net gain of $589 million in Bitcoin value over the quarter
- New FASB accounting rules allow corporations to report digital assets at market value
Tesla had previously bought 42,902 BTC in February 2021 but sold 75% in July 2022. It has not changed its remaining BTC holdings since then.
Corporate demand for Bitcoin is rising, with companies like Metaplanet and Semler Scientific adopting similar strategies. Worksport Ltd (NASDAQ: WKSP) recently purchased Bitcoin and XRP for its Treasury reserves as part of a long-term strategy.
Bitcoin's price is gaining momentum, up 2.34%, aiming to retest $106K resistance. Analysts suggest it could reach $120K by February based on the Broadening Wedge pattern.
Source: Captain Faibik