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Tesla shows $600M Bitcoin profit realization because of accounting rule change

(Credit: @PeakHodl/Twitter)

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Tesla had a $600 million boost in its net earnings because of Bitcoin and a new accounting rule for how companies can account for crypto.

Tesla reported $1.08 billion in digital assets on Wednesday during its Earnings, up from the $184 million it reported for the previous four quarters.

The bump was due to a recent policy change from the FASB (Financial Accounting Standards Board) which mandates digital asset holdings be market to market each quarter starting at the beginning of this year, CNBC reported.

The previous FASB rule allowed companies to report their Bitcoin holdings at the lowest value recorded during their ownership. They were not required to report any subsequent price gains.

CFO Vaibhav Tenja said during the Earnings Call that the net income in Q4 was impacted by the FASB rule (via Motley Fool):

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“It is important to point out that the net income in Q4 was impacted by a $600 million mark-to-market benefit from Bitcoin due to the adoption of a new accounting standard for digital assets, whereby we will change — we will take mark-to-market adjustments through other income every reporting period going forward.”

Tesla reported a Bitcoin holding of $184 million for Q3, but this was pre-new FASB rules. The real value was around $730 million.

Bitcoin has exploded 51 percent in value since President Trump’s successful election campaign in November. It was priced at $68,000 on Election Night. It now trades at $105,023 per BTC.

Tesla dipped its toe into crypto several years ago in 2021, as it revealed in a 10-K that year that it invested $1.5 billion in bitcoin and said it “may acquire and hold digital assets from time to time or long-term.

It sold three-quarters of its BTC holdings in Q2 2022, stating that it converted “approximately 75% of our Bitcoin purchases into fiat currency.”

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Need accessories for your Tesla? Check out the Teslarati Marketplace:

Please email me with questions and comments at joey@teslarati.com. I’d love to chat! You can also reach me on Twitter @KlenderJoey, or if you have news tips, you can email us at tips@teslarati.com.

Joey has been a journalist covering electric mobility at TESLARATI since August 2019. In his spare time, Joey is playing golf, watching MMA, or cheering on any of his favorite sports teams, including the Baltimore Ravens and Orioles, Miami Heat, Washington Capitals, and Penn State Nittany Lions. You can get in touch with joey at joey@teslarati.com. He is also on X @KlenderJoey. If you're looking for great Tesla accessories, check out shop.teslarati.com

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SpaceX calls off Starship 10 flight attempt once again

SpaceX is calling off a potential launch of Starship this evening, marking the second consecutive night the tenth test flight of the massive rocket will be delayed.

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Credit: SpaceX

SpaceX is calling off a potential launch of Starship this evening, marking the second consecutive night the tenth test flight of the massive rocket will be delayed.

Originally planning to launch on Sunday at 6:30 p.m. local time in Starbase, Texas, SpaceX was forced to delay the tenth launch of Starship due to a hardware issue.

“Ground side liquid oxygen leak needs to be fixed. Aiming for another launch attempt tomorrow,” CEO Elon Musk posted on the social media platform X.

Starship Flight 10 rescheduled as SpaceX targets Monday launch

The launch was then pushed to Monday night, and the launch window was set to start at the same time as Sunday. However, SpaceX would push it back to 6:44 p.m. due to some weather issues.

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Eventually, Starship seemed like it was trending toward a launch, but weather continued to persist in the area, with thunder, rain, and lightning all threatening in the area.

At around 7:03 p.m., SpaceX decided to stand down once again, confirming weather was the culprit of yet another delay:

SpaceX will likely try again on Tuesday night, but the company has not yet confirmed if it will open another launch window.

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WATCH: SpaceX Starship Flight 10 launch

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Credit: SpaceX

SpaceX is set to launch its tenth test flight of the Starship program, with a launch window that will open at 6:44 p.m. local time, or 7:44 p.m. on the East Coast.

Starship’s tenth test flight was originally scheduled for launch yesterday with a one-hour window that opened at 7:30 p.m. ET, but it was called off 17 minutes before that window even had a chance to open.

Starship Flight 10 rescheduled as SpaceX targets Monday launch

SpaceX moved the flight to tonight. It was also originally scheduled to have a launch window at the same time as Sunday, but it was pushed back 14 minutes to around 6:30 p.m. ET. There are storms in the area, as well as clouds over Starbase, so there is the off chance for another launch delay.

There are several big objectives for this launch, including the expansion of the operating envelope for the Super Heavy booster. SpaceX says there are “multiple landing burn tests planned.”

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The booster will also be performing a few in-flight experiments to help with data collection. Specifically, real-world performance data on future flight profiles and off-nominal scenarios will be on the list of things SpaceX will be looking for.

Starship itself will have a few in-flight objectives that include the deployment of eight Starlink simulators that are similar in size to the next-gen satellites for the internet service. SpaceX was set to test this with Starship’s seventh test flight, which occurred in January 2025. However, the task was abandoned as the vehicle was destroyed before deployment could occur.

Liftoff conditions are currently looking favorable, and SpaceX will be eager to improve upon its Starship launch program as CEO Elon Musk has big plans for it in the coming years.

You can watch the launch below via SpaceX:

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Tesla looks to expand Robotaxi geofence once again with testing in new area

It looks as if Tesla is preparing for its next expansion of the geofence, potentially moving toward a much larger service area that could eclipse 150 square miles.

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Credit: Joe Tegtmeyer | X

Tesla looks to be preparing for the potential expansion of the Robotaxi geofence once again, as the company was spotted testing the suite in an area well outside of the Austin service area.

After it first launched the Robotaxi platform on June 22, Tesla has managed to expand its geofence twice, essentially doubling the travel area both times.

The most recent expansion took the size of the geofence from 42 square miles to about 80 square miles, bringing new neighborhoods and regions of the city into the realm of where the driverless vehicles could take passengers.

However, it looks as if Tesla is preparing for its next expansion of the geofence, potentially moving toward a much larger service area that could eclipse 150 square miles.

Over the weekend, one fan noticed a Robotaxi validation vehicle testing in Bee Cave, Texas, which is roughly 25 minutes from the edge of the current geofence:

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Tesla has been testing vehicles in the western suburbs of Austin for some time, and it seems the company is laying some groundwork to push its geofence expansion into Plaid Mode as competition with Waymo continues to be at the forefront of the conversation.

Waymo has been expanding with Tesla for some time, as the pace of expansion for the two companies has been relatively accelerated for the past couple of months.

Tesla’s expansions of the geofence sent a clear message to competitors and doubters, but it is still aiming to keep things safe and not push the envelope too quickly.

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The geofence expansion is impressive, but Tesla is also focusing on expanding its vehicle fleet in both Austin and the Bay Area, where it launched a ride-hailing service in July.

Tesla Bay Area autonomous fleet to grow to over 100 units: Elon Musk

Still, safety is the priority at the current time.

“We are being very cautious. We do not want to take any chances, so we are going to go cautiously. But the service areas and the number of vehicles in operation will increase at a hyper-exponential rate,” CEO Elon Musk said during the Q2 Earnings Call.

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