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While most investors were glued to Tesla’s Q2 earnings miss and Elon’s robotaxi comments, a quiet crypto subplot flew under the radar. Tesla’s balance sheet just got a $300 million Bitcoin boost, not because the company added more coins, but because new accounting rules gave their existing stash a revaluation bump.
It’s a reminder that even in 2025, Tesla still has one foot firmly in the crypto game.
From Accounting Drag to Accounting Flex
Tesla’s crypto holdings now sit at $1.2 billion, up from $936 million just last quarter. The jump wasn’t due to any big Bitcoin buy. Instead, it came from a Financial Accounting Standards Board (FASB) rule change that allows companies to reflect the fair market value of crypto holdings, rather than only recognizing losses.
Previously, Tesla had to report impairment charges when Bitcoin dropped, but couldn’t book gains unless it sold. Now, the books finally reflect reality.
So… Are They Buying More?
Not yet. Tesla didn’t add to its Bitcoin pile this quarter, continuing a two-year streak of holding steady. It originally bought $1.5 billion worth of Bitcoin in early 2021, sold some later that year, and has since sat tight.
Elon Musk has previously said Tesla is “open to increasing crypto holdings in the future,” but the company hasn’t pulled the trigger. This revaluation bump might reignite speculation that more buys could come, especially if Bitcoin rallies post-halving.
Corporate Bitcoin Is Back in Style
Tesla’s crypto headline is part of a bigger trend. With Bitcoin rebounding and accounting rules softening, more companies may revisit the idea of crypto on the balance sheet. MicroStrategy, of course, never stopped. But now, even companies that took a break, like Tesla, are benefiting from the shift.
Whether this becomes a serious corporate treasury strategy again depends on volatility, regulatory clarity, and leadership appetite for risk.
What to Watch
If Bitcoin’s price keeps rising, Tesla could see further gains, without spending a dime. But it also puts the EV giant in a weird spot: a car company that could post crypto-driven accounting wins even when vehicle margins stay compressed.
Whether you call it hedging, HODLing, or corporate FOMO, one thing is clear, Tesla’s Bitcoin bet is still alive and kicking.
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