Tech
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Hyunsoo Rim

Bitcoin gains made up 25% of Tesla’s Q4 net profit, and regulatory credits were likely another ~30%

The recent bitcoin rally gave a major boost to Tesla’s income statement — though it wasn’t enough to offset the carmaker’s drop in overall profits. Yesterday, Tesla reported a sharp decline in earnings, with net income down 71% in Q4 due to a drop in average sales prices and increased spending on AI.

Yet the company’s bottom line received a ~$600 million lift thanks to a new digital asset accounting rule, the CFO noted in the earnings call. The new rule by the Financial Accounting Standards Board allows companies to report digital assets at fair market value each quarter starting in January.

With bitcoin on a tear after the November election, the company’s cash flow statement recorded a $589 million noncash gain, meaning bitcoin accounted for a quarter (25%) of the company’s $2.332 billion profit for Q4. The company also reported that it made $692 million in revenue from automotive regulatory credits — which are highly likely to be pure profit for Tesla.

That would mean that more than half of Tesla’s Q4 net profit was from bitcoin gains, or regulatory credits.

According to company filings, Tesla held 11,509 bitcoins as of December 31, 2024, valued at $1.076 billion. The Texas-based EV maker is now the fifth-largest publicly traded bitcoin holder, trailing behind MicroStrategy — which is on a 10-week bitcoin buying streak — MARA, Riot, and Galaxy Digital, per multiple bitcoin-tracking sources.

Go Deeper: Elon Musk wants you to focus on everything but Tesla’s struggling electric car business

Yet the company’s bottom line received a ~$600 million lift thanks to a new digital asset accounting rule, the CFO noted in the earnings call. The new rule by the Financial Accounting Standards Board allows companies to report digital assets at fair market value each quarter starting in January.

With bitcoin on a tear after the November election, the company’s cash flow statement recorded a $589 million noncash gain, meaning bitcoin accounted for a quarter (25%) of the company’s $2.332 billion profit for Q4. The company also reported that it made $692 million in revenue from automotive regulatory credits — which are highly likely to be pure profit for Tesla.

That would mean that more than half of Tesla’s Q4 net profit was from bitcoin gains, or regulatory credits.

According to company filings, Tesla held 11,509 bitcoins as of December 31, 2024, valued at $1.076 billion. The Texas-based EV maker is now the fifth-largest publicly traded bitcoin holder, trailing behind MicroStrategy — which is on a 10-week bitcoin buying streak — MARA, Riot, and Galaxy Digital, per multiple bitcoin-tracking sources.

Go Deeper: Elon Musk wants you to focus on everything but Tesla’s struggling electric car business

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Prediction markets have, predictably, been given a boost by the summer of sports

Major platforms like Kalshi and Polymarket have seen huge upticks in users of late, thanks in no small part to what’s felt like a recent sporting smorgasbord, with major competitions across hockey, basketball, and soccer soaking up fans’ time (and spending, clearly) at the outset of summer.

While gaming industry groups may not like it, there’s been a huge change in the methods people are using to put money on the big games, with everyone from fortunate NYC bar owners, to a far less fortunate Spanish supporter, turning to prediction markets to try and turn their sports know-how into cold, hard cash.

According to a new report from Adam Blacker for apptopia, that shift might have been even more seismic than imagined in the wake of the NBA and NHL finals and around the 2026 World Cup kicking off.

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2026 World Cup Reverses Seasonal Lull for Sports Betting Apps

2026 World Cup Reverses Seasonal Lull for Sports Betting Apps

While gaming industry groups may not like it, there’s been a huge change in the methods people are using to put money on the big games, with everyone from fortunate NYC bar owners, to a far less fortunate Spanish supporter, turning to prediction markets to try and turn their sports know-how into cold, hard cash.

According to a new report from Adam Blacker for apptopia, that shift might have been even more seismic than imagined in the wake of the NBA and NHL finals and around the 2026 World Cup kicking off.

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Britain announces social media ban for under-16s starting early 2027

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Jon Keegan

Anthropic pulls Fable and Mythos access worldwide after Trump administration bars their use by foreign nationals

Only days after releasing two versions of its next-gen AI model, Anthropic has disabled them for users worldwide.

Anthropic says it received a Friday night order from the Trump administration to suspend access to the models for any foreign national (anywhere in the world) — a group that included some Anthropic employees. In response, the company turned off access to everyone.

Last week, the company released to the public its much-anticipated Claude Fable 5 model (and its restricted version Claude Mythos 5, which is still being tested with trusted partners). Anthropic said in a blog post announcing the action that officials cited national security concerns with the new models, while offering few specific details.

The post said that the government gave the company “verbal evidence of a potential narrow, non-universal jailbreak” of the public Fable 5 model. A jailbreak is a means by which users can evade restrictions built into the code to unlock prohibited functionality. Anthropic downplayed the significance of the attack, and said other major models, such as OpenAI’s GPT-5.5, could also be affected by the technique described.

Fears of these first Mythos-class models being misused are running high, after Anthropic warned the cybersecurity world in May that the advanced cyber capabilities of Mythos have rapidly discovered thousands of vulnerabilities in ubiquitous software, leading to the decision to restrict the full version of the model to a close group of trusted partners for testing.

This morning, Axios reported that Anthropic technical staff have flown to Washington to meet with White House officials to resolve the issue.

The Wall Street Journal is reporting that the Trump administration’s decision to take action against Anthropic was prompted by discussions that Amazon CEO Andy Jassy had with officials, including Treasury Secretary Scott Bessent. According to the report, Amazon researchers said they had been able to evade some of Fable 5’s security restrictions using specific prompts. Amazon is a major investor in Anthropic.

Anthropic is currently suing the US government to fight the Pentagon’s blacklisting of the company on national security grounds.

Statement on the US government directive to suspend access to Fable 5 and Mythos 5

Statement on the US government directive to suspend access to Fable 5 and Mythos 5

Last week, the company released to the public its much-anticipated Claude Fable 5 model (and its restricted version Claude Mythos 5, which is still being tested with trusted partners). Anthropic said in a blog post announcing the action that officials cited national security concerns with the new models, while offering few specific details.

The post said that the government gave the company “verbal evidence of a potential narrow, non-universal jailbreak” of the public Fable 5 model. A jailbreak is a means by which users can evade restrictions built into the code to unlock prohibited functionality. Anthropic downplayed the significance of the attack, and said other major models, such as OpenAI’s GPT-5.5, could also be affected by the technique described.

Fears of these first Mythos-class models being misused are running high, after Anthropic warned the cybersecurity world in May that the advanced cyber capabilities of Mythos have rapidly discovered thousands of vulnerabilities in ubiquitous software, leading to the decision to restrict the full version of the model to a close group of trusted partners for testing.

This morning, Axios reported that Anthropic technical staff have flown to Washington to meet with White House officials to resolve the issue.

The Wall Street Journal is reporting that the Trump administration’s decision to take action against Anthropic was prompted by discussions that Amazon CEO Andy Jassy had with officials, including Treasury Secretary Scott Bessent. According to the report, Amazon researchers said they had been able to evade some of Fable 5’s security restrictions using specific prompts. Amazon is a major investor in Anthropic.

Anthropic is currently suing the US government to fight the Pentagon’s blacklisting of the company on national security grounds.

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