• Tesla’s Bitcoin (BTC) holdings are now worth ~$1.2 billion after a 30% BTC price rally in Q2.
• A new US accounting rule (FASB) now allows Tesla to report the fair market value of its crypto holdings quarterly.
• Tesla has not bought or sold any Bitcoin for eight straight quarters, with its holdings unchanged at a cost basis of $184M.

Tesla’s significant Bitcoin holdings are now worth approximately $1.2 billion, thanks to a powerful 30% rally in the cryptocurrency’s price during the second quarter of this year.

This paper gain, highlighted by a recent change in US accounting rules, provides a bright spot in an otherwise challenging earnings report for the electric vehicle giant, which saw its core automotive revenue decline for a second straight quarter.

According to its latest earnings report, Tesla’s Bitcoin stash has benefited significantly from the crypto market’s recent strength. Bitcoin is currently trading at around $118,000, a substantial increase from its price of $83,000 on April 1.

Based on data from BitcoinTreasuries.Net, which lists Tesla as holding 11,509 BTC, the automaker is the tenth largest publicly traded company to hold the crypto asset on its balance sheet.

This gain is now more visible to investors due to a new rule approved by the Financial Accounting Standards Board (FASB). Effective from the first quarter of 2025, the rule allows companies to report the fair market value of their crypto holdings each quarter.

Previously, corporate holders like Tesla were required to report their crypto assets at the lowest value they reached during the holding period, a method that often failed to reflect market recoveries.

This meant that even if Bitcoin’s price rebounded, those gains would not be reflected on the balance sheet.

Now, Tesla’s Bitcoin gains can be recognized each quarter, providing shareholders with a much clearer view of the asset’s performance.

While its crypto holdings have appreciated, Tesla’s core business is facing significant headwinds.

The company reported second-quarter revenue of $22.5 billion, which, according to one set of figures in the source text, missed analyst estimates of $22.74 billion.

Adjusted earnings per share of $0.40 also reportedly fell below the expected $0.43.

A clear point of weakness was the company’s automotive revenue, which fell by 16% year-over-year, marking the second consecutive quarterly decline.

This follows a report from early July, in which Tesla had already disclosed a 14% drop in its Q2 vehicle deliveries, to 384,000 units.

The company’s stock performance reflects these struggles. Shares of TSLA are down roughly 18% this year, a stark underperformance compared to other big tech names and the broader Nasdaq Composite, which is up about 9% in 2025.

Adding to its challenges, Tesla has delayed its affordable “Model 2” EV, leaving the field open for its rivals.

Chinese EV makers, in particular, are aggressively pushing cheaper, tech-laden vehicles that are steadily eating into Tesla’s global market share.

The sound of silence: Tesla’s unchanged Bitcoin treasury

Despite the significant market value of its crypto holdings, Tesla did not mention Bitcoin once in its second-quarter 2025 financial filing.

This silence is not new. The company has not added to or sold any of its Bitcoin for eight consecutive quarters.

According to the 10-Q form filed with the SEC on July 23, the company’s digital asset holdings remain unchanged at a cost basis of $184 million, the same value it reported in the first quarter of 2024, with no impairment losses or gains noted this time either.

Tesla had initially made a bold move into the crypto space, purchasing $1.5 billion worth of Bitcoin in early 2021. Since then, however, it has sold off the majority of its holdings, with the last major sale occurring in the second quarter of 2022, when it offloaded roughly 75% of its BTC stash.

Despite the recent financial and political turbulence surrounding the company, Tesla appears to be holding firm on its current crypto position—for now.

But with mounting pressure from declining revenues and various reputational hits, investors will be watching closely for any future changes to the company’s digital asset strategy.

Following the earnings release, shares of TSLA were up a slight 0.71% in post-market trading, with the stock trading at $331.56.

A crypto analyst has shared insights into the recent strength in the XRP price, suggesting that South Korea may be the reason behind it. The analyst noted that the altcoin has been seeing high trading volume on South Korean exchanges, and this localized demand may be holding up its price while other altcoins struggle to gain traction. 

How South Korea Is Bolstering The Price

According to XForceGlobal South Korea is currently one of the major drivers of the XRP price action. In a recent post on X (formerly Twitter), the analyst disclosed that the engagement and adoption from the crypto users in South Korea was a major contributor to XRP’s bullish performance.

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Currently, South Korea is one of the most active crypto markets in the world, leading in global trading volume across multiple assets. However, among the numerous cryptocurrencies in the market, XRP stands out the most within the country. The analyst has revealed that even during low trading days, XRP frequently outpaces Bitcoin, underscoring its high demand and adoption in South Korea. 

XForceGlobal has suggested that South Korea’s notable interest in XRP likely stems from its status as one of the most isolated countries in terms of crypto regulations. The analyst revealed that millions of citizens currently own the altcoin, making up about 20% of the cryptocurrency’s market cap valuation. 

Moreover, due to a lack of large-scale cross-border payment solutions, most South Koreans opt to use cryptocurrencies like XRP to facilitate transactions. This, in turn, fuels adoption and strengthens the cryptocurrency’s utility, which positively influences its price action. 

Compared to South Korea, the regulatory uncertainties and legal challenges in the United States (US) have slowed down XRP’s growth. XForceGlobal has stated that the active participation of retail institutions, strong community support, and early adoption in South Korea have helped prop up prices despite the difficulties it faced over the past years.

What The Future Holds For XRP In South Korea

While discussing the impact of South Korea’s support for XRP on its price action, XForceGlobal offered insights into the cryptocurrency’s future in the country. The analyst revealed that the market is at a pivotal moment where XRP has evolved from a speculative asset to a symbol of Korea’s dominance in the crypto market. 

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Currently, Upbit, the largest crypto exchange in South Korea, holds the most significant market share of XRP in terms of total supply. The exchange reportedly has about 6 billion XRP, accounting for roughly 5% of the entire supply. 

XForceGlobal has revealed that the continued demand from retail investors combined with Upbit’s massive XRP reserve will make South Korea a key driver to the cryptocurrency’s global future price action. 

Moving forward, the analyst has discussed XRP’s price movements on the Korean won chart, suggesting that its current action may be foreshadowing upcoming events. He pointed out that the altcoin has already formed a lower low on the chart, possibly hinting at a more controlled pullback rather than an impulsive decline — an outlook he described as “arguably bearish”.

The crypto analyst also noted that XRP may be forming a potential bottom on the Korean won chart, indicating a possible impulse to the upside and a bullish continuation.

Featured image from Adobe Stock, chart from Tradingview.com

Data shows the large cap cryptos have been outperforming the others this month so far, thanks to Ethereum’s latest rally.

Ethereum’s Dominance Has Gone Up Over 3.4% During The Past Week

As per the latest weekly report from Arcane Research, the large cap index has observed 28% gains in the month of June so far.

“Cap” here refers to the USD capitalization. Based on the market cap of the various coins in the crypto market, each one can be put into three main “indexes.”

These major categories are the large cap index, the mid cap index, and the small cap index. Ethereum being the 2nd largest crypto in the market obviously belongs to the first class.

The benefit of grouping the different cryptos in the market is that the average performance of the the large, medium, and small coins can easily be tracked this way.

Related Reading | Ethereum 2.0 Weekly Deposits Have Slumped Down To Lowest Ever

Now, here is a chart that shows the trend in the performance of the indexes and how they compare against Bitcoin over the month so far:

Looks like all the cap-weighted indexes have Bitcoin beat in this month | Source: Arcane Research's The Weekly Update - Week 28, 2022

As you can see in the above graph, the month-to-date return of the large cap index has been the biggest so far, currently standing at a 28% gain.

The recent Ethereum momentum has played a major part in the index observing such returns. Since 1st July, ETH has increased in value by more than 50%.

Related Reading | Bitcoin Taker Buy/Sell Ratio Shows Green Signal

The mid cap and small cap altcoins have also seen strong returns this month as both the indexes have noticed profits of 19%.

Unlike Ethereum, Bitcoin hasn’t had an exceptional time so far, with the crypto sitting at positive returns of about 12% at the moment.

This also means that BTC has been outperformed by the rest of the market. This can be seen in the market cap dominance of the coin registering a decline during the past week:

The market share of Bitcoin has taken a 1.6% hit in the last seven days | Source: Arcane Research's The Weekly Update - Week 28, 2022

Ethereum’s percentage of the total cryptocurrency market cap, on the other hand, has improved by 3.4% during the last week.

The stablecoins have also lost some ground in this period, which makes sense as money is being rotated into ETH and other altcoins, fueling their latest uptrends.

ETH Price

At the time of writing, Ethereum’s price floats around $1.5k, up 45% in the past week.

The value of the crypto seems to have surged up over the last few days | Source: ETHUSD on TradingView

Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Arcane Research