Tesla Held All Its Bitcoin Through Crypto Market Turmoil

Tesla had diamond hands through the market reckoning of late last year, opting to hold onto all its bitcoin leading into 2023

article-image

Kathy Hutchins/Shutterstock.com modified by Blockworks

share

After selling 75% of its bitcoin holdings in 2022, electric car manufacturer Tesla opted to hold its remaining supply through the fourth quarter, SEC filings show. 

In July 2022, Tesla reported it sold 75% of its bitcoin for $936 million in the second quarter. The sale marked the first change Tesla has made in its bitcoin holdings since the first quarter of 2021, when the company acquired some 43,200 bitcoins for $1.5 billion.  

“We are certainly open to increasing our bitcoin holdings in the future, so this should not be taken as some verdict on bitcoin,” CEO Elon Musk said during the company’s 2022 second quarter earnings call on July 20, 2022. “It’s just that we were concerned about overall liquidity for the company, given Covid shutdowns in China.”

In its fourth quarter earnings report, Tesla reported no losses on its remaining bitcoin holdings. 

Bitcoin’s price fell during the fourth quarter after remaining fairly stable during the second quarter. The selloff was largely driven by FTX’s collapse, but since the start of 2023, bitcoin has shown signs of a rebound and is up close to 40% year to date.

In October, during the company’s third quarter earnings call, Musk maintained Tesla is open to increasing its bitcoin exposure in the future. The CEO also said Tesla has held its dogecoin, currently the only cryptocurrency the electric car company accepts — although only for a limited selection of products, not including vehicles. 

“The prices of digital assets have been in the past and may continue to be highly volatile, including as a result of various associated risks and uncertainties,” Tesla’s third quarter report noted. “For example, the prevalence of such assets is a relatively recent trend, and their long-term adoption by investors, consumers and businesses is unpredictable.”


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (3).png

Research

Pear Protocol has proven its market fit through its pair-trading infrastructure, sustaining consistent trading activity despite recent headwinds. Its strategic pivot toward Hyperliquid integration represents a major growth catalyst amid industry consolidation. While short-term token unlocks present challenges, current valuations and liquidity conditions may offer compelling opportunities for investors.

article-image

The House embraces crypto — but keeps the fences up

article-image

The network got slower in June — and it wasn’t for tech-related reasons

article-image

After a jittery few months, recent economic data is hinting at a resilient economy that is beginning to re-accelerate

article-image

The stablecoin bill now heads to the president’s desk

article-image

The House on Thursday passed the CLARITY Act, a landmark cryptocurrency market structure bill

article-image

Interchain Labs will focus on sovereign L1s and institutional demand, abandoning plans for smart contracts on the Cosmos Hub