Tesla reported holding $951m in bitcoin at the end of the first quarter, maintaining its position as one of the largest corporate holders of the cryptocurrency.
The figure, disclosed in its earnings release on Tuesday, is down from $1.076b at the end of December, reflecting a drop in bitcoin's price during the quarter. Tesla did not sell any of its holdings, according to on-chain data from Arcam Intelligence.
Tesla owns 11,509 bitcoin, a position it began accumulating in early 2021 when it became the first major automaker to add the digital asset to its balance sheet. FASB rule change lifts veil on unrealised bitcoin gains This is not the first time Tesla's financial statements have reflected the impact of new accounting standards for digital assets.
The latest figure falls under the Financial Accounting Standards Board's updated rule requiring companies to mark crypto holdings to market each quarter. Previously, companies had to record the lowest value of the asset during a reporting period, which often hid unrealised gains.
This change now allows firms such as Tesla to present a more accurate view of their digital asset position.
It also comes at a time when institutional confidence in bitcoin is strengthening despite ongoing macroeconomic uncertainty.
Q1 earnings fall as Tesla grapples with cost pressures and slowing demand
Total revenue fell 9% to $19.3b, from $21.3bn a year earlier. Automotive revenue fell 20% to $14b, from $17.4b in the same quarter last year.
Net income fell to $409m, or 12 cents per share, down sharply from $1.39b, or 41 cents a year earlier. The company issued no new growth guidance for the year and said it would revisit its 2025 outlook next quarter.
CEO Elon Musk has been spending a lot of time in Washington, working with the Trump administration on a sweeping plan to reduce the size of the federal government. The White House's sweeping tariff policy has raised concerns for EV makers, as higher import costs for key inputs such as battery components, circuit boards and specialty glass threaten to squeeze margins.
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