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 close of December, reflecting the dip in Bitcoin’s price during the quarter. Tesla did not sell any of its holdings, according to on-chain data from Arkham Intelligence.
The latest figure comes 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 the reporting period, often obscuring unrealised gains.
This isn’t the first time Tesla’s financials have reflected the impact of new accounting standards for digital assets.
Net income plunged to $409m, or 12 cents per share, down sharply from $1.39b, or 41 cents, a year earlier. The company did not issue new growth guidance for the year and said it would revisit its 2025 outlook in the next quarter.
Total revenue declined 9% to $19.3b, down from $21.3 billion a year ago. Automotive revenue fell 20%, dropping to $14b from $17.4b in the same quarter last year.