Automaker Tesla released its financial report for the third quarter of 2025. The company stated $80 million of unrealized profit for the period.

As a reminder, since December 15, 2024, new accounting regulations for crypto assets have been in effect in the U.S., which require them to be valued on the balance sheet at fair value rather than realized value. As a result, large firms that have invested in crypto-assets, particularly bitcoin, must report unrealized gains or losses on their balance sheets.

According to Arkham Intelligence, Tesla controls 11,509 BTC. The company itself has previously stated that it bought 9,720 BTC, but for some time now it has not indicated in its filings how many bitcoins it specifically holds on its balance sheet.

However, according to its Q3 report, the valuation of its portfolio rose to $1.315 billion as of September 30, 2025. That’s an 80.3% increase compared to Q3 2024.

The company also reported an unrealized gain of $80 million for the period. This is lower than Q2 2025’s $284 million, but significantly higher relative to Q1, when the firm reported an unrealized loss of $125 million.

Other results and market reaction

Total revenue for the quarter was $28.1 billion. This was above the projected $26.4 billion. Gross profit was $5.05 billion, up 30.3% relative to Q2 and up 1.1% relative to Q3, 2024.

Net income (GAAP) rose to $1.37 billion, up 17.2% versus Q2 but down 37% versus the same period a year earlier. Adjusted EPS came in at $0.5, slightly below estimates.

The decline in earnings, according to the report, is due to falling electric vehicle prices and a significant (about 50%) increase in operating expenses, including from the AI sector.

The company’s overall disappointing financial results caused the automaker’s share price to fall 0.8% on the premarket:

Earlier, we reported that Tesla was overtaken by Japan-based Metaplanet in the ranking of the largest public bitcoin holders. However, it later experienced a drawdown in its NAV, which reflects the difference between the firm’s capitalization and the value of its crypto asset portfolio.