Tesla Holds Bitcoin, Musk Refocuses on Company
Key Takeaways
- Tesla continues to hold its Bitcoin assets despite recent price declines.
- Elon Musk is partially stepping back from his role in the U.S. government project D.O.G.E.
- New FASB accounting rules allow fair market valuation for crypto assets.
- Tesla’s stock price rises significantly following Musk’s announcement.
- Musk publicly distances himself from government support for Dogecoin.
Musk’s Withdrawal from the D.O.G.E. Project
Elon Musk announced that he will significantly reduce his involvement in the U.S. government project “Department for Government Efficiency” (D.O.G.E. for short). The focus is expected to shift back toward Tesla. The decision comes amid declining sales figures and increasing public pressure. Musk stated that he will dedicate only one to two days per week to the government project going forward.
Bitcoin Strategy Remains Unchanged
Despite a decline in value of 11.61% in the first quarter of 2025, Tesla is maintaining its Bitcoin holdings. The company’s position of 11,509 BTC has remained unchanged since June 2022. The drop reflects the general trend of Bitcoin’s market price, which fell by 11.56% to 82,514 USD during the same period.
Following a market rebound, Bitcoin’s price recently rose to 93,698 USD. This brings the estimated value of Tesla’s crypto portfolio back above 1.07 billion USD.
New Accounting Rules Offer Advantages
For the first time, Tesla was able to report its Bitcoin holdings under the new rules of the Financial Accounting Standards Board (FASB). These rules allow publicly traded companies to report cryptocurrencies at their current market value. Previously, only losses could be recorded unless the assets were sold. The new approach improves transparency and may positively impact company valuations.
Stock Price Responds Positively
The stock market responded promptly to Musk’s announcement. Following the earnings call on April 22, Tesla’s share price rose by 5.4% in after-hours trading to 250.80 USD. The next day, the stock closed up 7.27% at 237.97 USD.
Dogecoin Loses Political Relevance
Musk made it clear that there are no plans by the U.S. government to officially support Dogecoin (DOGE). Although his tweets have previously triggered significant price swings in DOGE, he now emphasized that his involvement with the cryptocurrency will be limited going forward. This move is intended to counter speculation about potential government backing.
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Our Assessment
Tesla’s decision to hold onto its Bitcoin despite short-term losses reflects a long-term strategic approach. The new FASB rules enhance reporting standards and could encourage other companies to disclose their crypto holdings. Musk’s withdrawal from political involvement should help refocus attention on Tesla’s core business. His clear distancing from Dogecoin also provides more clarity for investors. Overall, it’s a step toward greater stability—for both Tesla and the crypto market.
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