Key points:
Tesla reported $951M in BTC holdings for Q1, with no sales recorded.
New FASB rules require firms to mark digital assets to market each quarter.
News - Tesla’s Q1 2025 earnings report revealed that the company still holds 11,509 BTC—worth roughly $951 million as of March 31. This came despite Tesla missing its Q1 revenue target by over $2 billion, reporting $19.34 billion against analyst expectations of $21.37 billion.
Data from Arkham and BitcoinTreasuries.net confirmed Tesla made no BTC transactions during the quarter. The decline in its crypto valuation stemmed solely from Bitcoin’s 12% Q1 price dip. But with Bitcoin’s recent bounce to $93,000, Tesla’s BTC stack is now worth over $1 billion again.
HODL strategy holds firm - Tesla's steadfast grip on its Bitcoin holdings comes amid new Financial Accounting Standards Board (FASB) rules that now require digital assets to be marked-to-market quarterly—reflecting real-time valuations instead of historic cost. This shift previously enabled Tesla to report a $600 million profit from BTC in Q4 2024.
Despite a 41% YTD stock slump and underperformance in EV deliveries, Tesla’s no-sale stance on Bitcoin suggests the company views BTC as a long-term strategic asset—similar to peers like Strategy (formerly MicroStrategy) and Japan’s Metaplanet.
What’s next? - With Elon Musk hinting at a renewed focus on Tesla over DOGE, analysts are watching whether the company will double down on—or reconsider—its crypto strategy amid mounting financial pressure.
