Elon Musk's Companies View Bitcoin as Digital Gold Despite Profit Challenges

Overview
Elon Musk's Tesla and SpaceX have maintained their Bitcoin holdings during a recent price drop, viewing it as a long-term asset rather than a speculative investment. Despite facing some financial impairments in Q4 2025, both companies continue to champion the cryptocurrency as a secure component of their treasury strategy.

Key Takeaways

Elon Musk's Tesla and SpaceX have kept their Bitcoin holdings intact despite a significant drop in Bitcoin prices.
Tesla's Bitcoin holding of 11,509 BTC experienced a $239 million impairment but is viewed strategically, indicative of a long-term perspective.
SpaceX, holding approximately 8,200–8,285 BTC, mirrors this strategy and hasn't sold any Bitcoin in over three years.
Both companies’ approaches contrast with many corporations that have reduced their crypto holdings amid market volatility.
The impairment recorded by Tesla is seen as non-cash, meaning potential profits could increase if Bitcoin's price rebounds.

Tesla and SpaceX Maintain Their Bitcoin Strategy

Tesla reported its fourth-quarter and full-year financial results for 2025 following market closure on January 28, 2026. This announcement included a detailed earnings update, available on ir.tesla.com, along with an earnings call where Elon Musk and CFO Vaibhav Taneja discussed the company's performance, Bitcoin impairment, future autonomy plans, and various other topics.

Tesla's impressive Bitcoin holdings of 11,509 BTC, unchanged from previous quarters, recorded a $239 million after-tax impairment as Bitcoin's price plummeted from approximately $114,000 to a range of $88,000–$89,000.

Bitcoin (BTC) Price Performance. Source: TradingView

However, Tesla presented this impairment as a minor challenge among several others, including tariffs and foreign exchange impacts, which were outweighed by record energy margins and better-than-expected earnings per share (EPS).

Tesla's EPS fell by 28% year-over-year in 2025, nearly halving from the peak it reached in 2023.

“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)

This stands in stark contrast to Tesla's actions in 2022 when the company significantly sold off around 75% of its Bitcoin holdings near market lows. The current strategy reflects a more measured approach, treating its Bitcoin assets as a crucial long-term reserve rather than a quick-profit tool. Though its Bitcoin gains are relatively small compared to Tesla's over $44 billion cash reserves, they symbolize a strong belief in Bitcoin's long-term potential and value.

Tesla Bitcoin Holdings. Source: Arkham

SpaceX appears to follow a similar philosophy regarding Bitcoin, currently holding between 8,200 and 8,285 BTC. The company has not sold any of its Bitcoin in the last three years. Internal asset transfers seem to be routine wallet upgrades rather than sales.

At today's rates, SpaceX’s Bitcoin assets are valued at approximately $730 million, making it one of the most substantial non-institutional Bitcoin holders outside of dedicated cryptocurrency firms.

SpaceX Bitcoin Holdings. Source: Arkham

This intentional approach contrasts significantly with most public companies in 2025, many of which reduced or eliminated their crypto holdings due to market turbulence.

Tesla's impairment is classified as a non-cash GAAP accounting element. This means that if Bitcoin prices recover, the company’s profits could see a significant rebound.

As Tesla pivots toward artificial intelligence, robotics, and energy innovations, while SpaceX gears up for an anticipated $1.5 trillion IPO in 2026, Bitcoin remains a small but philosophically important asset within their larger multi-trillion-dollar framework.

“As usual, Eric is accurate” — Elon Musk (@elonmusk)

Musk's enterprises are promoting a developing viewpoint that positions Bitcoin as digital gold for progressive corporate treasuries, rather than merely a tool for speculation. The reported $239 million impairment may be less of a setback and more a reflection of their firm conviction in Bitcoin. To them, Bitcoin might be less about immediate returns and more about long-term stability and strategic flexibility, which could catalyze broader corporate adoption if the cryptocurrency steadies or increases in value.