Tesla’s latest earnings report on Jan. 29 was widely expected to disappoint. Auto sales had slowed, revenue came in below expectations, and operating costs continued to climb. 

But just as investors braced for weak results, an unexpected factor gave Tesla’s financials a sudden lift — Bitcoin 

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Thanks to a newly implemented accounting rule, Tesla’s Bitcoin holdings received a substantial revaluation, adding an eye-catching $600 million to the company’s net income. 

Previously, accounting standards required companies to report Bitcoin at its lowest value during ownership, regardless of any recovery in price. 

However, in December, the Financial Accounting Standards Board introduced a new rule allowing digital assets to be valued at market prices each quarter.

The timing couldn’t have been better for Tesla. Bitcoin’s surge in Q4 meant the company could finally reflect the true value of its holdings — just as the asset rallied.