Bitcoin has rallied over 50% since Donald Trump’s election win and is currently trading near the $106,000 mark.

Tesla Inc.’s holdings of Bitcoin gave its latest quarterly results a boost, courtesy of new accounting rules for digital assets.

According to Tesla's quarterly report, the company made $2.3 billion in net income in Q4 2024. Net income is the amount the company actually made after subtracting its expenses from its revenue total. That's a whopping 70 percent decrease in net income compared to Q4 2023.

During the fourth quarter of 2024, Tesla said it earned $2.3 billion in net income on $25.7 billion in revenue. That represents a 1.9 percent increase year over year compared to $25.2 billion in revenue in Q4 2023 and a 70 percent decrease in net income. (The company’s net income in Q4 2023 includes a one-time non-cash tax benefit of $5.9 billion.)

By Abhirup Roy and Akash Sriram (Reuters) -Tesla quarterly results fell short of Wall Street targets on Wednesday as financing offers and discounts failed to boost demand for the aging lineup but eroded profit.