Whereas many firms might need offered right into a 23% Bitcoin worth slide, Elon Musk’s Tesla and SpaceX stood agency in This fall 2025—no buys, no sells.
Tesla launched its fourth-quarter and full-year 2025 monetary outcomes after market shut on Wednesday, January 28, 2026. This included the earnings replace deck on ir.tesla.com, adopted by an earnings name/webcast with Elon Musk and CFO Vaibhav Taneja, who mentioned outcomes, Bitcoin impairment, autonomy plans, and extra.
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Tesla and SpaceX Stand Agency on Bitcoin as a Lengthy-Time period Treasury Asset
Tesla’s 11,509 BTC stack (unchanged since prior intervals) took a $239 million after-tax mark-to-market impairment as Bitcoin fell from roughly $114,000 to $88,000–$89,000.
But the corporate framed this as one minor headwind amongst a number of, together with tariffs and FX results, offset by report vitality margins and EPS beats.
This can be a stark distinction to Tesla’s 2022 panic-selling, when roughly 75% of its Bitcoin holdings have been offloaded close to bear-market lows.
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In the present day, the corporate’s method is deliberate, treating Bitcoin as a long-term strategic reserve on the stability sheet. Relative to Tesla’s $44 billion+ money pile, the BTC holdings are small, however symbolically highly effective, signaling perception in shortage, upside, and multi-year worth.
SpaceX, whose IPO is within the works, mirrors this technique, holding an estimated 8,200–8,285 BTC. The corporate has not offered meaningfully in over three years, and inner transfers seem like pockets upgrades or consolidations slightly than liquidations.
At present costs, this stack is value roughly $730 million, quietly creating one of many largest non-institutional Bitcoin exposures outdoors pure crypto companies.
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This deliberate stance stands in distinction to broader company conduct in 2025, when many public firms trimmed or exited crypto positions amid volatility.
Tesla’s impairment is only non-cash GAAP accounting noise, which means earnings might rebound sharply if Bitcoin recovers.
Amid Tesla’s pivot to AI, robotics, and vitality, and SpaceX’s escalating valuation (anticipated $1.5 trillion+ IPO in 2026), Bitcoin stays a small however ideological piece of a multi-trillion-dollar empire.
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Musk’s firms are signaling a rising thesis that Bitcoin is digital gold for forward-thinking company treasuries, not speculative buying and selling fodder.
The $239 million mark-to-market loss is much less a setback than a sign of conviction. Maybe, for them, Bitcoin isn’t a facet guess.
Fairly, it might be embedded within the lengthy sport, a strategic hedge and treasury asset that might affect wider company adoption if the pioneer crypto stabilizes or surges once more.