Just saw Tesla’s Q1 financial report, and still holding onto those 11,509 Bitcoins without making any moves, though the books show a pretty painful loss. Bitcoin fell from $90k at the start of the year to $68k by the end of March, forcing Tesla to recognize a $173 million impairment loss.

Interestingly, Tesla’s operating performance actually isn’t that bad. In Q1, revenue was $22.39 billion, slightly below expectations, but earnings per share of $0.41 came in above market forecasts—so overall, there are still bright spots. It’s just that the paper loss on Bitcoin really held things back.

Looking back at Tesla’s path with cryptocurrencies is also quite interesting. In 2021, it spent $1.5 billion to buy 43.2k Bitcoins, then gradually reduced its holdings, and now it only has 11.5k left. Musk’s stance toward crypto has swung back and forth, and Tesla’s strategy for holding coins has changed along with it—these twists and turns, to some extent, reflect how the market’s views on digital assets have evolved.