Tesla’s Q2 Bitcoin holdings were kept unchanged at 11,509 BTC, with a confirmed $112 million after-tax impairment loss

On July 23, Tesla’s Q2 financial report shows the company did not increase or decrease its Bitcoin holdings and continues to hold 11,509 BTC. With Bitcoin down about 14% during the quarter, the company recorded an after-tax impairment loss of $112 million on its digital assets.
As a result, Tesla has not bought or sold Bitcoin since 2022.
Tesla’s BTC strategy has shifted from active trading in 2021–2022 to a complete focus on long-term holding. After selling 75% of its position in Q2 2022, its 11,509 BTC holdings have remained unchanged for sixteen consecutive quarters, which is extremely rare among listed companies. During this period, regardless of price movements (such as a book gain due to accounting guideline changes in Q2 2025, or an impairment loss of $112 million this quarter due to a price drop), its holdings have stayed exactly the same.
“The $112 million after-tax impairment loss” is not a cash loss, but an accounting treatment, occurring at a time when spot Bitcoin ETFs are already widely circulated and provide easier hedging tools for companies to hold. Tesla chose to absorb book volatility without adjusting its positions, suggesting it has treated this portion of assets as a purely long-term strategic reserve isolated from operating cash flows, with its financial significance increasingly shifting toward symbolic meaning. $BTC
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