Cryptocurrency

Tesla and SpaceX Held On to All 30,221 Bitcoin in Q3. Is Elon Musk Still Bullish on BTC?

Tesla and SpaceX are sitting on over 30,000 Bitcoin without buying or selling a single coin, leaving investors wondering whether Elon Musk still believes in the asset or has simply stopped paying attention to it.

By Sam Daodu
Published October 22, 2026, 9:30am ET · 3 min read

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Elon Musk silhouette with Tesla logo
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In the third quarter of 2026, Tesla (NASDAQ: TSLA | TSLA Price Prediction) and SpaceX (NASDAQ: SPCX) held all 30,221 Bitcoins (CRYPTO: BTC), a stash worth about $2.53 billion based on September 30 values. As both companies kept holding their coins throughout the quarter, the focus now shifts to whether Elon Musk remains optimistic about Bitcoin or is simply leaving the coins untouched.

Tesla announced its Q3 earnings on October 21, and its stock dipped 4.1% to around $371 in premarket trading the following day. Analysts attributed the decline to a slower delivery growth outlook and reduced capital spending targets, suggesting Bitcoin’s performance did not directly drive the stock’s fall.

Tesla Holds 11,509 Bitcoin, SpaceX Holds 18,712

A close-up image showing a large, gold-colored Bitcoin coin with intricate circuit board engravings, positioned centrally and partially obscuring a slightly faded and draped American flag. The blue field with white stars of the flag is visible on the left, and the red and white stripes are visible on the right. Subtle green and red line graphs are faintly visible in the background, particularly over the flag's stripes.

creativetan / Shutterstock.com

Tesla still holds 11,509 BTC, valued at $962 million as of September 30, up about 42% during the quarter as Bitcoin rebounded from its June lows, bolstered by $6.3 billion in ETF inflows in Q3.

During the earnings call, Tesla CFO Vaibhav Taneja noted that net income was “impacted by a mark-to-market reduction of our SpaceX holding of 142 million, which was offset by a Bitcoin mark-to-market gain of approximately 290 million.”

This gain is on paper, as it reflects profits from Bitcoin that Tesla has not sold. Under current accounting regulations, companies must revalue their Bitcoin holdings at market price each quarter, so rising coin prices flow through as earnings.

SpaceX, having gone public on Nasdaq earlier in 2026, holds the remaining 18,712 BTC. As of September 30, these coins were valued at roughly $1.57 billion, up from $1.1 billion at the end of June. SpaceX reported Q3 revenue of $14.6 billion on October 21, but neither company revealed any plans to buy or sell these coins.

How Bitcoin Moves Tesla’s Earnings More Than Its Value

A close-up shot of a round, golden Bitcoin coin. The coin features a prominent 'B' symbol with two vertical lines, centered on its face. Intricate, thin lines radiate outwards from behind the 'B' across the textured golden surface. The coin is set against a dark, featureless black background, creating a high contrast and highlighting its metallic sheen.

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While Bitcoin holdings have little effect on Tesla’s overall valuation, they more significantly affect quarterly earnings. Tesla’s $962 million Bitcoin stake represents only about 0.06% of its $1.53 trillion market value and about 2% of its $45.4 billion in cash and investments.

In its latest earnings report, Tesla posted net income of $787 million, down 42.7% from the previous year. Here, the roughly $290 million Bitcoin gain played a vital role, accounting for more than a third of that net income. This effect can swing back, as Tesla recorded a $222 million loss on its digital assets in Q1 2026.

Bitcoin’s dollar value is quite volatile. After SpaceX’s results were released, Bitcoin surged to $84,600 before falling back to around $81,881, bringing the total value of Tesla and SpaceX’s Bitcoin to about $2.47 billion. Notably, this price remains about 35% below its all-time high of $126,080 reached in October 2025.

Tesla’s Bitcoin Holdings Have Stayed Flat Since 2022

A close-up of a golden Bitcoin coin at the center, with bright light and blue lightning bolts radiating from it. In the background, green and red candlestick charts, blue and pink trend lines, and digital financial data are visible against a dark blue gradient. The overall mood is dynamic and energetic, signifying a financial surge.

Morrowind / Shutterstock.com

Tesla initially bought $1.5 billion worth of Bitcoin in 2021 but sold about 75% of it in Q2 2022. Since then, Bitcoin holdings have remained unchanged, suggesting inertia rather than renewed confidence in the digital asset. Other corporate holders, like Metaplanet, have kept accumulating Bitcoin in 2026.

Elon Musk’s comments on Bitcoin provide mixed messages. In April 2026, he expressed his support for Bitcoin but also told a jury that most cryptocurrencies are scams. Moreover, on October 21, he linked Bitcoin to his vision of energy as money.

During the Q3 earnings call, management focused on autonomy, robotics, energy storage, and chip capacity, without mentioning any Bitcoin strategy. Musk has also hinted at merging SpaceX and Tesla again, which could consolidate all 30,221 Bitcoin under the same balance sheet.

Is Elon Musk Still Bullish on Bitcoin?

Overall, Musk’s companies appear to be patient holders with no immediate plans to acquire more Bitcoin. The steady coin count suggests Musk tolerates Bitcoin rather than actively endorses it, a weaker signal than making new purchases. This stance affects Tesla shareholders, whose earnings fluctuate with Bitcoin’s value, as seen in the additional $290 million gain in Q3 after a $222 million loss in Q1.

For Tesla shareholders, Bitcoin holdings mainly add volatility to quarterly earnings, and long-term value hinges on Bitcoin’s trajectory through 2030. The next major indicator will be Tesla’s fourth-quarter report in early 2027. If the Bitcoin count surpasses 11,509, it could signal renewed confidence; conversely, a drop below that threshold might indicate that Musk is beginning to cash out.

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Sam Daodu

Sam Daodu is a crypto analyst who's spent nearly a decade making blockchain understandable—no easy task when most whitepapers read like fever dreams. He writes for 24/7 Wall St., covering Bitcoin, altcoins, and crypto market analysis for investors. Before crypto, he was a tech writer (back when explaining "the cloud" was peak innovation). Since 2018, he's written for CoinTelegraph, Yahoo Finance, The Block, Cryptonews, Zypto, Rain, and more—basically anywhere people want crypto news without the headache. Sam runs MacLabs Marketing, a content agency for crypto brands tired of sounding like AI wrote their website. He also publishes free crypto education on his site for Web3 enthusiasts who think "gas fees" is a typo. When he's not writing or staring at charts, Sam's either: - Watching anime (currently convinced One Piece has better tokenomics than most altcoins) - At the gym sculpting himself into a Greek god - Listening to the music your mum warned you only bad boys listen to Connect: LinkedIn | Email | MacLabs Marketing

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