Why do the figures for the same batch of coins keep changing in each quarterly report, while the number of coins stays exactly the same? I looked through both companies’ 10-Qs: the digital-assets line records the market value at quarter-end, while the number of coins appears only in the notes. When the price moves, the book value moves with it. $XAU
This rule was set by the 2023 accounting standard, ASU 2023-08: holdings are remeasured at fair value every quarter, with the fluctuations going straight to the income statement. Previously, they were recorded at cost less impairment, with losses recognized only when prices fell. Now, both gains and losses are recognized. SpaceX reported third-quarter net income of $4.4 billion, of which the book value of its digital assets rose about $473 million from June 30—roughly one-tenth of net income. $BNB
Tesla’s figures are more scattered. The book value was $962 million at September 30, $674 million at June 30, $786 million at March 31, and $1.008 billion at year-end 2025. In the second quarter, it also recorded a separate $112 million pre-tax impairment, with cumulative unrealized losses of $334 million for the first half. The same holdings, four different quarterly valuations, none of them from buying or selling. $ZEC
SpaceX’s book value has also fallen. It was $1.573 billion at September 30 and $1.637 billion at year-end 2025. The cash flow statement for the first nine months shows $64 million in unrealized losses, whereas the same period last year showed $389 million in unrealized gains.
The number of coins can also be inferred from the half-year report. Divide the September 30 book value by the quarter-end price: SpaceX’s implied value is about $84,060 per coin, and Tesla’s about $83,590—both very close to the market price of $83,621 at the time. Working backward gives 11,504 coins, fewer than six coins away from the disclosed holdings. That kind of discrepancy is normal given the precision of financial statements.
Put simply, the merger discussions concern equity; these coins have already been kept separate for accounting purposes. If they were actually consolidated into one set of financial statements, all that would need to change is adding the two line items together. The accounting rules wouldn’t change at all.
SpaceX reported third-quarter revenue of $14.58 billion, capital expenditures of $19.59 billion, and net other income of $1.025 billion, of which $561 million came from related parties. Interest alone was $873 million. The quarterly report did not list digital assets as a separate line item or break out the third quarter’s standalone fluctuations. Anyone looking for that information has to dig through the cash flow statement.
These are my personal views and do not constitute investment advice. You are responsible for your own gains and losses.
#SpaceX与特斯拉合并谈判涉30220枚比特币
This rule was set by the 2023 accounting standard, ASU 2023-08: holdings are remeasured at fair value every quarter, with the fluctuations going straight to the income statement. Previously, they were recorded at cost less impairment, with losses recognized only when prices fell. Now, both gains and losses are recognized. SpaceX reported third-quarter net income of $4.4 billion, of which the book value of its digital assets rose about $473 million from June 30—roughly one-tenth of net income. $BNB
Tesla’s figures are more scattered. The book value was $962 million at September 30, $674 million at June 30, $786 million at March 31, and $1.008 billion at year-end 2025. In the second quarter, it also recorded a separate $112 million pre-tax impairment, with cumulative unrealized losses of $334 million for the first half. The same holdings, four different quarterly valuations, none of them from buying or selling. $ZEC
SpaceX’s book value has also fallen. It was $1.573 billion at September 30 and $1.637 billion at year-end 2025. The cash flow statement for the first nine months shows $64 million in unrealized losses, whereas the same period last year showed $389 million in unrealized gains.
The number of coins can also be inferred from the half-year report. Divide the September 30 book value by the quarter-end price: SpaceX’s implied value is about $84,060 per coin, and Tesla’s about $83,590—both very close to the market price of $83,621 at the time. Working backward gives 11,504 coins, fewer than six coins away from the disclosed holdings. That kind of discrepancy is normal given the precision of financial statements.
Put simply, the merger discussions concern equity; these coins have already been kept separate for accounting purposes. If they were actually consolidated into one set of financial statements, all that would need to change is adding the two line items together. The accounting rules wouldn’t change at all.
SpaceX reported third-quarter revenue of $14.58 billion, capital expenditures of $19.59 billion, and net other income of $1.025 billion, of which $561 million came from related parties. Interest alone was $873 million. The quarterly report did not list digital assets as a separate line item or break out the third quarter’s standalone fluctuations. Anyone looking for that information has to dig through the cash flow statement.
These are my personal views and do not constitute investment advice. You are responsible for your own gains and losses.
#SpaceX与特斯拉合并谈判涉30220枚比特币
