Tesla reports $600M Bitcoin gain in Q4 using new accounting rule

This does not read to me as a good thing. Making significant earnings from speculative investments unrelated to your core activity means you had a massive upside from a risk. The problem will be pressure to repeat the outcome will double down on the risk side with inevitable outcome of a significant loss.

AWA, the last significant Australian electronics company basically went south on high risk forex 3 decades ago. This is a well trodden path.

If the earnings are a significant component of a quarter the underlying business isn't doing as well as it should, and so share value to core business is lacking.

Looks like around 25% of Tesla's earnings last quarter were from Bitcoin.