Tesla refuses to sell Bitcoin in Q3 — and earnings show it didn’t need to

ambcryptoPublished on 2025-10-22Last updated on 2025-10-22

Key Takeaways

Did Tesla sell any Bitcoin in Q3?

No. Tesla held its full stack of 11,500 BTC through Q3 2025, now valued at $1.315 billion.

What else stood out in Tesla’s report?

Stronger margins, record energy revenue [$3.22B], and $2.32B in net income show Tesla’s financial health improving even as it keeps its Bitcoin untouched.

Tesla’s latest Q3 2025 earnings report, released on 22 October, shows no Bitcoin sales or new purchases during the quarter. 

Tesla’s Bitcoin holdings hold steady in Q3

The report showed that the company continues to hold about 11,500 BTC, valued at $1.315 billion. It is up from $1.235 billion in Q2, thanks to Bitcoin’s price appreciation rather than new acquisitions.

Tesla adopted new fair-value accounting rules earlier this year, meaning its crypto holdings now reflect market prices. 

The report also disclosed an $80 million digital asset gain under “other income,” marking one of the company’s strongest quarters for BTC revaluation since 2021.

With its current holdings, Tesla becomes the 11th largest corporate Bitcoin holder globally, behind Strategy, Galaxy Digital, and Block, but ahead of major institutions such as Hut 8 Mining and Galaxy.

Earnings snapshot: stronger margins and record energy sales

Beyond Bitcoin, Tesla’s quarterly report showed $27.35 billion in revenue and $2.32 billion in net income, both above Wall Street expectations.

  • Gross margin improved to 18.1%, up from 17.5% in Q2.
  • Free cash flow rose to $2.08 billion.
  • Its energy division posted a record $3.22 billion in revenue, driven by Megapack demand.

The company reaffirmed its 1.8–1.9 million vehicle delivery target for 2025 and highlighted continued progress on AI and Dojo training infrastructure.

SpaceX adds movement to Musk’s Bitcoin ecosystem

The report coincides with SpaceX’s on-chain activity earlier this week. Blockchain data from Arkham Intelligence showed that SpaceX moved $268.5 million worth of BTC across wallets — its first major transaction since July. 

Analysts described the move as part of routine treasury rebalancing, with no evidence of exchange deposits or liquidation.

Together, SpaceX and Tesla control nearly 17,000 BTC, making Musk-linked entities among the most influential corporate Bitcoin holders in the world.

Market view

Bitcoin traded around $108,000 at the time of writing, down nearly 1% in the past 24 hours. Traders might interpret both Tesla’s steady holdings and SpaceX’s movements as signs of long-term confidence, rather than profit-taking.

Next: Chainlink whale dumps $29 mln – Can LINK bulls defend $16.5?
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