Musk is determined! Tesla has a Bitcoin reserve of 115,000 coins, insisting not to sell, with earnings of 80 million dollars.

Due to the fact that this electric vehicle manufacturer did not sell or increase its Crypto Assets reserves, TSL made a profit of $80 million from its Bitcoin holdings in the third quarter of 2025. The quarterly report released by the company on October 22 showed that TSL continues to hold 11,509 Bitcoins, currently valued at $1.31 billion, an increase from $1.23 billion in the previous quarter.

TSL Bitcoin reserves 11,509 coins held steady for four years

(Source: Tesla)

TSL made its first purchase of $1.5 billion worth of Bitcoin in February 2021, marking one of the earliest corporate endorsements of Crypto Assets by a large publicly traded company in the United States. Since then, despite the market experiencing extreme fluctuations, the car manufacturer has consistently maintained the stability of its digital assets. At that time, the price of Bitcoin was around $35,000, and Musk's decision sparked huge controversy on Wall Street.

Tesla's Bitcoin reserve holdings have not changed since the beginning of 2022. Since the beginning of 2022, the company has not made any new purchases, during which it briefly sold a portion of its Bitcoin holdings to test liquidity, and then reclassified Bitcoin as a strategic financial asset. In the second quarter of 2022, Tesla sold about 75% of its Bitcoin holdings, cashing out approximately $936 million, at which time Musk explained that this was to test the liquidity of Bitcoin as an alternative to cash.

However, since that sale, TSL's Bitcoin reserves have remained at 11,509 coins, without any adjustments regardless of Bitcoin price fluctuations. This “buy and hold” strategy suffered accounting losses during the bear market from 2022 to 2023, but yielded substantial returns during the bull market from 2024 to 2025. This demonstrates Musk's confidence in Bitcoin's long-term value and shows that TSL regards Bitcoin as a strategic asset rather than a trading asset.

The quarterly report released by the company on October 22 shows that TSL continues to hold 11,509 Bitcoins, currently valued at $1.31 billion. This figure has increased from $1.23 billion in the previous quarter, driven entirely by the rise in Bitcoin prices. The growth from $1.23 billion to $1.31 billion represents an increase of $80 million in a single quarter, with a rise of approximately 6.5%. This growth comes solely from the increase in the market price of Bitcoin, rather than from active trading by TSL.

TSL Bitcoin reserves currently make it the 11th largest corporate Bitcoin holder in the world, just behind MicroStrategy, Galaxy Digital, and Block, but ahead of institutions like Hut 8 Mining. This also marks the second consecutive quarter for TSL to realize a Bitcoin increase, reflecting the recovery of the digital assets market in 2025. MicroStrategy leads by a wide margin with over 250,000 Bitcoins held, its aggressive Bitcoin purchasing strategy contrasting sharply with TSL's conservative holding.

New accounting standards unveil $80 million in book profits

TSL began adopting new fair value accounting rules earlier this year, requiring its digital asset holdings to be reported at current market prices rather than historical costs. This adjustment allowed the company to recognize a gain of $80 million under “other income,” marking the strongest quarter of Bitcoin revaluation since 2021. This accounting change is crucial for understanding Musk's Tesla Bitcoin reserve strategy.

Under the old accounting standards, Crypto Assets were classified as “indefinite intangible assets,” allowing impairment losses to be recognized only when prices fell, while gains could not be recognized when prices rose. This asymmetric accounting treatment made it impossible for listed companies holding Bitcoin to reflect the true asset appreciation in their financial statements. The new fair value accounting rules corrected this issue, allowing companies to recognize the appreciation or depreciation of Bitcoin at market value.

For TSL, this means that the $80 million book gain can be counted as “other income,” improving the financial report performance. Although this gain is not included in the adjusted earnings per share (as it is non-recurring profit and loss), it still has a positive impact on the total net profit and balance sheet. More importantly, fair value accounting allows investors to more accurately assess the true value of TSL Bitcoin reserves.

The report shows TSL's continued long-term view on Bitcoin, with the company previously describing Bitcoin as “a liquid alternative to cash.” This positioning is strategically significant, suggesting that Musk believes holding Bitcoin preserves value and appreciates better than holding cash. In the context of central banks continuously printing money and the declining purchasing power of fiat currency, allocating a portion of cash reserves to the limited supply of Bitcoin is an effective strategy against inflation.

The gains and losses related to Bitcoin were not included in TSL's adjusted earnings per share. The total revenue announced by the company was $25.18 billion, an increase from the same period last year. Revenue from the automotive business grew 6% to $21.2 billion, while total net income fell 37% to $1.37 billion, or 39 cents per share, compared to $2.17 billion, or 62 cents per share, in the same period last year. TSL attributed the decline in profitability to falling electric vehicle prices and rising operating costs, which increased by over 50%.

Musk's Crypto Empire SpaceX Transfers $268 Million Bitcoin

At the same time, according to data from Arkham Intelligence, wallets associated with another Musk-led company, SpaceX, transferred approximately $268 million worth of Bitcoin to two addresses on Tuesday. On-chain analyst Ai Yi stated that these transactions occurred after a three-month pause and are likely part of internal fund management rather than asset sales.

SpaceX's Bitcoin holdings have always been somewhat mysterious, unlike TSL, which as a publicly traded company needs to disclose regularly. The transfer scale of 268 million USD indicates that SpaceX's Bitcoin holdings may far exceed market expectations. If this transfer is indeed for internal fund management, it means that SpaceX has also adopted a long-term holding strategy for Bitcoin, merely transferring between different wallets for security or yield optimization.

Musk's allocation of crypto assets spans both TSL and SpaceX, demonstrating his confidence in Bitcoin is not limited to a single company. TSL holds 11,509 coins (approximately $1.31 billion), and SpaceX may hold more (estimated from a single transfer of $268 million). This cross-company Bitcoin allocation strategy makes Musk one of the entrepreneurs with the most Bitcoin in the world.

Musk's Crypto Empire's Bitcoin Layout:

TSL: 11,509 coins of Bitcoin, worth 1.31 billion USD, the 11th largest corporate holder in the world.

SpaceX: The holdings are not disclosed, and a single transfer scale of 268 million USD suggests a large reserve.

Strategic Positioning: Treat Bitcoin as a “liquid alternative to cash” and a strategic financial asset.

The cost growth of TSL partly stems from investments in artificial intelligence and other R&D projects. In recent years, Musk has invested a large amount of resources into AI development, including TSL's Full Self-Driving (FSD) technology and the humanoid robot Optimus. These cutting-edge technologies require substantial investment, which may dampen profitability in the short term, but if successful, they could open up new growth engines for TSL.

Against this backdrop, the $80 million profit from TSL's Bitcoin reserves appears particularly valuable. It provides the company with an additional financial buffer, partially offsetting the profit pressure from R&D investments. This also proves Musk's foresight in allocating Bitcoin; when the core business is under pressure, the Bitcoin reserves have become a financial safety cushion.