Tesla's third-quarter 2026 update, released on October 21, confirmed its Bitcoin position remained essentially unchanged. The company valued digital assets at $962 million as of September 30, up from $674 million at the end of June. Because the entire $288 million increase appears as an unrealized gain under fair-value accounting, net Bitcoin trading was close to zero.
Tesla's June filing lists 11,509 BTC bought for $386 million. Implied prices match Bitcoin's quarter-end closes: about $58,560 on June 30 and $83,590 on September 30. The retained position carries a paper gain of roughly $576 million over cost.
SpaceX's Q3 results value digital assets at $1.573 billion, up from $1.098 billion, with 18,712 BTC bought for $661 million. Combined, Tesla and SpaceX would hold 30,221 BTC worth about $2.535 billion, ranking around sixth among listed companies.
Merger discussions are advancing: both boards formed special committees of independent directors, and Elon Musk said he was excluded as a conflicted party. He called a merger a good idea but not certain. Barclays suggested a deal could be announced before Tesla's annual meeting, which must occur by December 6, with SpaceX as the likelier acquirer. Tesla's $2 billion investment in xAI converted into a SpaceX stake of under 1%, adding no Bitcoin to Tesla's books.
Historically, Tesla has reversed its Bitcoin stance: it bought $1.5 billion in early 2021 and sold part within the quarter, then converted about 75% of its holdings to fiat in mid-2022. Next disclosures to watch include Tesla's Q3 10-Q exact coin count, merger committee terms, and any treasury policy for the combined 30,221 BTC.
