Nigeria, Jan. 30 -- Tesla's reported net income for the fourth quarter increased significantly due to its Bitcoin holdings, which resulted from a recent rule change that affects how businesses account for digital assets.

In its earnings release on Wednesday, Tesla stated that its digital assets, which had a carrying value of $184 million for the previous four quarters, unexpectedly increased to $1.08 billion in December.

The rise came after the Financial Accounting Standards Board recently changed its policy to require that, beginning in early 2025, corporate digital asset holdings be marked to market quarterly.

Before the FASB regulation change, businesses that owned bitcoin were required to report their holdings at the lowest value ...