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Tesla’s bottom line numbers were boosted by a $600 million one-time gain in “digital assets.”

That added 20 cents a share in bottom-line earnings. Excluding that, EPS would have been closer to 55 cents, about 20 cents below the Wall Street consensus.

Future Fund Active ETF cofounder Gary Black suspected that was Bitcoin. CFO Vaibhav Taneja confirmed it on Tesla’s conference call.

Tesla holds Bitcoin but valuation and trading haven’t come up in a major financial filings since 2023.

Tesla initially invested $1.5 billion in Bitcoin in 2021. Changing accounting standards for cryptocurrencies allowed Tesla to recognize a mark-to-market gain. Bitcoin prices rose almost 50% in the fourth quarter of 2024.

Still, it’s a one-time gain. That makes quarterly earnings look relatively low quality. Investors typically like it when earnings come from recurring business and strong profit margins.

Investors don’t seem to mind. They are focused on 2025 more than the fourth quarter of 2024. Tesla shares were up about 3% in after-hours trading.