Elon Musk-Led Tesla Reports $125 Million In Unrealized Losses On Bitcoin After Top Crypto Drops 12% In Q1
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Tesla Inc. reported $125 million in unrealized losses on its cryptocurrency investments for Q1, as Bitcoin's value dropped 12%. The company's digital assets totaled $951 million, down 11.6% from the previous quarter. Despite the losses, Tesla's Bitcoin holdings remained unchanged at 11,509 BTC, valued at approximately $1.076 billion. Following the earnings report, Tesla shares rose 5.39% in after-hours trading. The new accounting standards allow businesses to report cryptocurrency at market value, impacting net income.
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