Tesla’s early $1.5 billion bitcoin investment generated significant profits before the company sold most of its holdings during the 2022 crypto market downturn, according to blockchain analysis from Arkham.
The analysis reviewed Tesla’s purchases, wallet activity and transfers using blockchain clustering techniques alongside the company’s public financial disclosures.
Researchers found Tesla initially accumulated 43,770 BTC in January 2021 at an average price of about $34,270 per coin, a purchase that quickly surged in value as bitcoin rallied.
“At the end of January 2021, Tesla accumulated 43,770 BTC at an average price of roughly $34,270, totaling about $1.5 billion,”
Arkham said in its analysis.
The company later sold 4,670 BTC in March and April 2021 for roughly $260 million and offloaded most of its remaining holdings during the 2022 market turmoil triggered by the collapse of the Terra ecosystem.
Tesla retained around 11,509 BTC by the end of 2025, according to its financial statements, which list a cost basis of about $386 million and a fair value of approximately $1.007 billion.
Arkham said the remaining holdings place Tesla among the largest publicly known corporate bitcoin holders alongside SpaceX, highlighting the continuing role of corporate treasuries in the cryptocurrency market.
At the time of reporting, Bitcoin price was $67,390.92.