"It's 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," Taneja said.
At the end of the third quarter, Tesla's bitcoin holdings were recorded at a carrying value of $184 million, though their fair market value was significantly higher at $729 million. That means the actual increase in the value of its holdings in the period was about $347 million, reflecting bitcoin's fourth-quarter rally.