Electric vehicle behemoth Tesla Inc. (NASDAQ:TSLA) reported an unrealized gain of $600 million on its cryptocurrency holdings in the fourth quarter.

Elon Musk's Tesla (TSLA) appeared to take advantage of a new accounting rule allowing for holdings of digital assets to be marked-to-market each quarter.

Vaibhav Taneja acknowledged Tesla’s benefit from its Bitcoin holdings during the company’s Q4 2024 earnings call. CEO Elon Musk is a known proponent of cryptocurrency, so it doesn’t come as a shock that Tesla was holding on to a large chunk of Bitcoin.

Elon Musk’s social media platform, X, announced on Jan. 28 that it’s teaming up with Visa to launch a digital wallet and peer-to-peer payments service. The deal makes ‘X Money’ the first product of its kind on the platform.

X partners with Visa to launch digital wallet and payment services in early 2025, marking its first major step into financial services under Elon Musk's ownership.

Visa is the first partner for the platform's “X Money Account" service, which is set to launch later this year, X CEO Linda Yaccarino said in a Tuesday post announcing the news. The offering, Yaccarino noted,