Tesla maintained its Bitcoin holdings in the first quarter of 2025, despite CEO Elon Musk's assurances to investors that he would pull back from his government role to focus more on the electric carmaker.

The announcement came during Tesla’s April 22 earnings call and sparked a jump in the company’s stock price, rising 4.6% during the trading day and another 5.4% in after-hours trading, pushing the stock to $250.80, according to Google Finance.

Despite the market reaction, Tesla’s Q1 results painted a challenging picture. Revenue came in at $19.34 billion, falling short of Wall Street estimates by 7.85% and marking a 9.2% drop from the same period in 2024.

Net income also took a hit, plunging over 80% from the previous quarter to $409 million — a steep 70.5% fall compared to Q1 last year.

Tesla's digital asset holdings, principally Bitcoin, fell 11.61% during the quarter, from $1.076 billion to $951 million, in accordance with Bitcoin's own price drop of 11.56% to $82,514, according to CoinGecko. 

However, a recent market rally has boosted the value of Tesla's 11,509 Bitcoin stockpile back beyond $1.07 billion, according to Bitcoin Treasuries statistics. Notably, the corporation has not bought or sold any Bitcoin since June 2022.

A change in accounting rules by the Financial Accounting Standards Board now allows companies like Tesla to reflect crypto assets at market value, a shift from the previous policy where only losses were recorded unless assets were sold.

On the earnings call, Musk stated that he intends to minimize his involvement with the Trump administration's Department of Government Efficiency (or "DOGE") beginning in May.

“Beginning next month, I’ll be spending significantly less time on DOGE and reallocating that energy back to Tesla,” Musk said, adding that the foundational work for the government agency is “largely complete.” He mentioned he’ll still dedicate “a day or two per week” to DOGE tasks to ensure the reforms hold.

While Tesla’s stock has shown signs of recovery, it remains down more than 37% year-to-date, weighed down by falling sales, Musk’s increased political activity, and broader market jitters tied to the Trump administration’s tariffs.