Digital Gold, Iron Will: Tesla, SpaceX Bet on Bitcoin

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In a market that chases every flicker of fear and euphoria, Tesla and SpaceX stood immovable in Q4 2025-no buys, no sells.

Tesla released its fourth-quarter and full-year 2025 financial results after market close on Wednesday, January 28, 2026. This included the earnings update deck on ir.tesla.com, followed by an earnings call/webcast with Elon Musk and CFO Vaibhav Taneja, who discussed results, Bitcoin impairment, autonomy plans, and more.

Tesla and SpaceX Stand Firm on Bitcoin as a Long-Term Treasury Asset

Tesla holds 11,509 BTC, unchanged as if carved in stone. It bore a $239 million after-tax mark-to-market impairment as Bitcoin sagged from roughly $114,000 to the mid-80s-$90,000s.

Yet management treats this as a minor gust among merciless winds-tariffs, FX effects-while energy margins roar and EPS beats glimmer like a distant lighthouse.

It’s official. Tesla’s earnings per share are down 28% year-over-year in 2025, down almost 50% from its high of 2023.

– Fred Lambert (@FredLambert) January 28, 2026

This is a far cry from 2022, when panic rode the air and roughly three quarters of Bitcoin holdings were offloaded near bear-market troughs.

Today, the stance is deliberate: Bitcoin is a long-term reserve on the balance sheet. Relative to Tesla’s $44 billion+ cash pile, the BTC stack is modest, yet heavy with symbolism-proof of belief in scarcity, upside, and value that accrues with time.

SpaceX, whose IPO whispers ride the wind, mirrors this creed, holding an estimated 8,200-8,285 BTC. The company has not sold meaningfully in over three years, and internal transfers resemble wallet upgrades or consolidations rather than liquidations.

At current prices, this stack is worth roughly $730 million, quietly forming one of the largest non-institutional Bitcoin exposures outside pure crypto firms.

This deliberate stance stands in contrast to broader corporate behavior in 2025, when many public companies trimmed or exited crypto positions amid volatility.

Tesla’s impairment is purely non-cash GAAP accounting noise, a ghost on the ledger; profits could rebound sharply if Bitcoin wakes from its long winter.

Amid Tesla’s pivot to AI, robotics, and energy, and SpaceX’s ascendant valuation (the rumor mill promises a $1.5 trillion+ IPO in 2026), Bitcoin remains a small but stubborn piece of a multi-trillion-dollar empire.

As usual, Eric is accurate

– Elon Musk (@elonmusk) December 10, 2025

Musk’s companies are signaling a growing thesis that Bitcoin is digital gold for forward-looking corporate treasuries, not mere fodder for a trading desk with a caffeinated heartbeat.

The $239 million mark-to-market loss is not a setback so much as a marker of conviction. Perhaps, for them, Bitcoin is not a side bet but a stubborn shard of the long game.

Rather, it lies embedded in the long horizon-a treasury asset and hedge that could steer broader corporate adoption if the pioneer crypto steadies or surges again.

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2026-01-29 12:11