Tesla (TSLA) still holds almost $1 billion in bitcoin, according to the automaker’s latest earnings report.

The electric vehicle firm reported digital asset holdings worth $951 million as of March 31, down from $1.076 billion on Dec. 30. Tesla currently holds 11,509 bitcoin in its balance sheet, according to Bitcoin Treasuries data.

The change is almost certainly due to bitcoin’s price depreciating between the two quarters. Data from Arkham Intelligence indicates that Tesla did not perform any transactions in the last three months. Arkham marks Tesla’s holdings as being currently worth $1.049 billion.

A new rule from the Financial Accounting Standards Board (FASB) requires corporate holders of digital assets to begin marking those assets to market each quarter.

Tesla also reported $19.34 billion in revenue for the first quarter of the year; analysts had expected the carmaker to rake in $21.37 billion.

The TSLA shares were up more than 2% in after-hours trading.

Bitcoin (BTC) surged past $91,000 on Tuesday, climbing nearly 5% amid renewed investor optimism and fresh hopes of a thaw in U.S.-China trade tensions, but headwinds persist that could cap further upside, analytics firm CryptoQuant cautioned.

The largest crypto by market capitalization hit $91,700 in the U.S. afternoon, its strongest price since early March. Altcoins followed BTC higher, with Ethereum’s ether (ETH) rising 8% over the past 24 hours above $1,700, and dogecoin (DOGE) and Sui’s native token (SUI) gaining 8.6% and 11.7%, respectively. The broad-market crypto benchmark CoinDesk 20 Index advanced 5.2%.

Markets were buoyed by remarks from U.S. Treasury Secretary Scott Bessent, who reportedly told investors at a closed-door JPMorgan event that the tariff standoff with China was unsustainable. Bessent said de-escalation would come “in the very near future,” characterizing current conditions as a “trade embargo.” However, he cautioned that a more comprehensive deal between the two nations could take even years.

Stocks recovered from yesterday’s decline, with the S&P 500 and the tech-heavy Nasdaq finishing the session 2.5% and 2.7% higher, respectively. Gold, meanwhile, sharply reversed from its record price of $3,500 during the day and was down 1%.

«As capital rotates into safe-haven and inflation-hedging assets, BTC and gold are proving to be key beneficiaries of the exodus from USD risk,» analysts at hedge fund QCP Capital said in a Telegram broadcast.

They highlighted rejuvenating inflows to spot U.S.-listed BTC ETFs and the return of the so-called Coinbase price premium, suggesting demand from American institutional investors. BTC ETF booked over $381 million net inflows on Monday adding to Thursday’s $107 million, according to Farside Investors data.

But not all signs point to a sustained breakout.

Despite the price jump, on-chain data points to fragility beneath the surface, CryptoQuant analysts said in a Tuesday report. Bitcoin’s apparent demand has decreased by 146,000 BTC over the past 30 days—an improvement from the sharp drop in March, but still negative. CryptoQuant’s demand momentum metric, which tracks new investor interest, has deteriorated further to its the most bearish level since October 2024, the report noted.

Market liquidity remains soft, with the report using USDT’s market cap growth as a proxy for crypto liquidity. USDT grew $2.9 billion over the past two months, below its 30-day average. Historically, BTC rallies coincided with USDT growth above $5 billion and above trend — a threshold not yet met.

Adding to the caution, bitcoin is now facing a key resistance zone between $91,000 and $92,000 at around the «Trader’s On-chain Realized Price» metric, a level that has often served as resistance in bearish conditions. CryptoQuant’s on-chain bull score classified current market conditions as bearish, suggesting a pause or pullback could follow if sentiment weakens.

Crypto-related stocks surged on Tuesday, riding the momentum of a broader crypto rally that has reignited risk appetite across digital assets with bitcoin (BTC) crossing above $90,000.

Shares of Strategy (MSTR), the largest corporate BTC holder, and crypto exchange Coinbase (COIN) were up 8% to 9% during the session.

Leading the move higher were bitcoin miners, with many of them posting double-digit gains, outpacing BTC’s 5% advance. Bitdeer Technologies (BTDR) rallied some 20%, while Bitfarms (BITF), CleanSpark (CLSK), Cipher Mining (CIFR), MARA Holdings (MARA), and Riot Platforms (RIOT) soared between 10% and 15% during the session.

Meanwhile, the broader stock market also rebounded from yesterday’s decline, with the Nasdaq and S&P 500 up 2% and 1.7%, respectively. The rally in the TradFi market came as reports of potential de-escalation of U.S.-China tariff tension lifted investor sentiment.

Miners and tariff risks

The bounce in mining stocks comes after months of underperformance, weighed down by compressed margins, rising hashrate competition, and tariff-induced difficulties, all of which are combined with broader market weakness for risk assets. Most, if not all, publicly traded miners are still trading near multi-month lows.

At issue for U.S.-based mining operations is the Trump administration’s tariff policy, which threatens to make ASICs (the machines used to mine bitcoin) much more expensive to import. That means that mining operations in the U.S. will probably grow at a much slower rate or even stop growing altogether.

The tariffs “will materially affect future spending and CapEx in the U.S.,” Taras Kulyk, co-founder and CEO of mining hardware provider Synteq Digital, told CoinDesk recently.

“Other jurisdictions that had previously looked higher cost [will] become sought after targets for new infra and capex deployment. Canada in particular, will likely be a benefactor to the implementation of the global tariff regime that’s been put in place by the White House.”

Relatedly, one of the reasons behind Bitdeer’s outperformance may be because the company is developing its own ASIC manufacturing business and recently took the decision to build out its self-mining capacities instead of selling its rigs in a slower market. Stablecoin giant Tether has also been on a buying spree of BTDR shares; as of last Thursday, the company had invested $32 million in Bitdeer.

Even so, most miner stocks have been on the downtrend since December, long before the White House unveiled its new tariff policy. Now, with BTC climbing above key technical levels and liquidity flowing back into the space, miners are probably catching a bid as a leveraged proxy for BTC’s upside.

Regardless of the outperformance today, tariffs will continue to play a key role in miners and most crypto-related stocks, along with other risk assets. With earnings season starting soon, all eyes will be on comments from CEOs about how the tariff situation will change the corporate outlook. Notably, Elon Musk’s Tesla, which also holds bitcoin in its treasury, will report its earnings post-market on Tuesday, potentially providing some insight into how traders should price in the trade war uncertainties.