Tesla Books $600 Million Gain From Bitcoin Accounting Change (1)

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

Its net income got a $600 million mark-to-market benefit from the digital tokens due to the adoption of the accounting approach, Chief Financial Officer Vaibhav Taneja said on Tesla’s earnings call on Wednesday.

The electric vehicle maker’s fourth-quarter adjusted earnings were 73 cents a share, missing analysts’ average estimates of 75 cents. But investors took heart from the Elon Musk-led firm’s plan to begin robotaxi operations and forecast of a sales recovery this year, driving its shares ...