- Tesla held all 11,509 BTC in Q1 2026 despite Bitcoin falling 22% from $90,000 to $68,000.
- The value of Tesla’s Bitcoin holdings dropped from around $1B to $786M by March 31.
- Tesla saw a $173M after-tax loss on crypto, but holdings recovered near $900M in April.
Tesla made no changes to its Bitcoin position in the first quarter of 2026, holding all 11,509 BTC through one of the weakest starts to a year for the asset in nearly a decade.
The company confirmed the unchanged balance in its earnings release, showing Tesla kept its stack intact despite Bitcoin falling sharply during the quarter.
Bitcoin dropped about 22% in Q1, sliding from near $90,000 at the start of January to roughly $68,000 by the end of March.
Bitcoin Drop Hit Tesla’s Balance Sheet
The sell-off reduced the reported value of Tesla’s digital asset holdings from around $1 billion to $786 million by March 31.
Tesla also recorded an after-tax loss of $173 million tied to its digital asset portfolio. Other reports placed the paper decline near $222 million based on quarter-end fair value marks.
The market weakness came during a broader risk-off stretch driven by geopolitical tensions, hawkish Federal Reserve policy, and outflows from crypto investment products in January and February.
However, Tesla did not sell into the decline. The company absorbed the drawdown, kept the coins, and benefited as the price recovered into April.
By late April, Bitcoin had recovered part of the Q1 drop and traded near $77,700 to $78,000. At those levels, Tesla’s 11,509 BTC position was worth roughly $900 million.
The rebound erased a large part of the quarter-end markdown, though the holding still remained below peak values seen when Bitcoin traded above $126,000 in September 2025. Tesla has now held the same balance since January 2025.
Related: Tesla Moves Its Massive Bitcoin Stash: What’s Behind the Shift?
Tesla’s Bitcoin History
Tesla first bought Bitcoin in February 2021, acquiring 43,200 BTC for about $1.5 billion. In March 2021, the company sold roughly 4,320 BTC, around 10% of the original position, saying the sale helped test market liquidity.
During the 2022 bear market, Tesla cut about 75% of its remaining holdings near cycle lows, reducing the position to 9,720 BTC. A small increase in early 2025 lifted holdings to the current 11,509 BTC, where they have stayed since.
Among public companies, Tesla ranks around eleventh in Bitcoin treasury size, far behind Strategy, which recently disclosed holdings of 815,061 BTC.
Earnings Beat, Revenue Miss
Tesla reported first-quarter revenue of $22.39 billion to $22.71 billion, depending on accounting presentation, slightly below analyst expectations of $22.71 billion. Adjusted earnings per share came in at $0.41, above the $0.37 consensus estimate.
Source: WuBlockchain
Automotive revenue rose to about $16.2 billion, while Full Self-Driving subscriptions climbed to 1.28 million. Free cash flow increased to $1.4 billion, and net income rose to $477 million.
Vehicle deliveries totaled 358,023 units, below expectations, while production exceeded 408,000 units. This comes alongside softer demand, with pricing, software, and services carrying more of the growth load.
Related: X Executive Hints at Crypto Launch as Elon Musk’s X Money Prepares for April Debut
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