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Points of Focus
- Tesla and Block remain the most profitable major corporate Bitcoin holders.
- Tesla holds 11,509 BTC at an estimated average cost of $33,600.
- Fair-value accounting forces companies to report unrealized Bitcoin losses in quarterly earnings.
Tesla and Block remain the two most profitable major corporate Bitcoin (BTC) holders as falling prices push nearly every other company on the list toward, or below, its acquisition cost.
Both companies secured most of their Bitcoin during the 2020-2021 market cycle, giving them a considerable advantage over businesses that adopted crypto treasury strategies at much higher prices. Germany-based Bitcoin Group SE ranks close behind them but holds a smaller position.
The widening performance gap shows how timing and acquisition discipline can determine whether Bitcoin strengthens a company’s balance sheet or becomes a source of earnings volatility.
Early purchases keep Tesla in profit
Tesla currently holds 11,509 BTC with an estimated total cost basis of between $386 million and $387 million. That implies an average acquisition price of $33,600 per BTC, leaving the electric vehicle manufacturer comfortably in profit despite the latest market downturn.
The company initially invested around $1.5 billion in Bitcoin in early 2021.
Block Inc. and Tesla remain the only major Bitcoin-holding companies with significant unrealized gains, while nearly all others sit at or below their acquisition cost basis. This reflects how concentrated BTC price appreciation has been among early corporate accumulators,… pic.twitter.com/xp8ztv68jf
— Onchain Insights (@OnchainIns5699) August 20, 2026
However, Tesla sold 75% of its position during the second quarter of 2022, citing a need to increase its cash reserves amid uncertainty surrounding COVID-related shutdowns in China.
That decision left Tesla with a smaller, lower-cost position, which it has kept largely unchanged since 2022. The company reported an $80-million gain from its Bitcoin holdings in the third quarter of 2025.
Block’s gradual strategy pays off
Block holds 9,117 BTC acquired at an original cost of around $220 million. Its average acquisition price therefore sits close to $24,130 per token, well below that of most recent corporate buyers.
The payments company, led by Bitcoin advocate Jack Dorsey, began purchasing the cryptocurrency in 2020 and continued accumulating throughout 2021.
Rather than making another large one-off investment, Block subsequently adopted smaller, incremental purchases.
That dollar-cost averaging approach allowed the company to grow its reserves without dramatically increasing its overall cost basis. Block’s position now gives it a larger profit cushion than Tesla and most other publicly traded holders.
Late corporate buyers face growing losses
The picture looks markedly different for companies that added Bitcoin during later stages of the cycle. Many bought near elevated market prices and now hold positions worth less than they originally paid.
Under the Financial Accounting Standards Board’s fair-value rules, companies must mark cryptocurrency assets to market every quarter.
Most public bitcoin:native treasuries are underwater.
Price is below their aggregate cost basis, and the share of companies sitting at a loss has climbed back toward around 80% pic.twitter.com/43VlOAkYLT
— glassnode (@glassnode) August 19, 2026
As a result, unrealized Bitcoin gains and losses flow directly through corporate income statements, potentially producing sharp earnings swings.
Tesla and Block’s experience highlights the importance of entry price and treasury management. Their early purchases remain profitable, while late adopters face growing scrutiny over whether leveraged or equity-funded Bitcoin accumulation created durable shareholder value or merely amplified exposure to the market downturn.
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