Tesla's Q2 bitcoin holdings rose 30% in value and have now appreciated to $1.20 billion

According to the latest earnings report, the price of Tesla's bitcoin holdings rose by 30% in the second quarter of this year, and the current market value is about 1.20 billion US dollars. This part of the gain is due to the latest change in US accounting standards - a new regulation that is favorable to Tesla. According to BitcoinTreasuries.Net data, Tesla currently holds 11,509 bitcoin, ranking 10th among public companies holding crypto assets in the world. The current bitcoin price is around $118,000, a significant increase from $83,000 on April 1. This follows the approval of a new regulation by the US Financial Accounting Standards Board (FASB) that allows companies to report their crypto assets at fair market value on a quarterly basis starting in the first quarter of 2025. The change replaces the previous conservative practice of "minimizing value". Previously, the company was unable to reflect earnings on its balance sheet even if bitcoin rebounded during holdings. Now, Tesla's bitcoin appreciation can be reflected on a quarterly basis, providing shareholders with a clearer view of asset performance. The earnings report also showed that Tesla's revenue for the quarter was $22.50 billion, higher than analysts' expectations of $22.30 billion; earnings per share were $0.40, in line with market expectations.