Tesla, SpaceX Stand Pat on Bitcoin After 23% Drop, Tesla Logs $239M Impairment

Tesla and SpaceX held their Bitcoin positions steady in Q4 2025 despite a roughly 23% price drop, with Tesla reporting no buys or sells in the period. Tesla released its fourth-quarter and full-year 2025 results after market close on January 28, 2026, followed by an earnings call with Elon Musk and CFO Vaibhav Taneja that addressed the Bitcoin impairment.

Tesla’s Bitcoin stack remained at 11,509 BTC and the company took a $239 million after-tax mark-to-market impairment as Bitcoin fell from about $114,000 to roughly $88,000–$89,000, according to the earnings materials. The impairment is accounted for under GAAP mark-to-market rules.

The company framed the Bitcoin impairment as a non-cash accounting item and one minor headwind among others — including tariffs and FX effects — that were partly offset by record energy margins and EPS beats in the quarter. The report contrasted this approach with Tesla’s 2022 sale of roughly 75% of its prior Bitcoin holdings.

SpaceX mirrors a similar stance, estimated to hold about 8,200–8,285 BTC and not having sold meaningfully in over three years; at current prices that stack is worth roughly $730 million. The firm’s internal transfers look like wallet upgrades or consolidations rather than liquidations, and SpaceX’s valuation is described as escalating ahead of an expected 2026 IPO that some sources project above $1.5 trillion.

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