Tesla (TSLA) still holds nearly $1 billion in Bitcoin, according to the latest revenue report from the automaker.

The electric vehicle company had reduced its digital asset holdings worth $951 million as of March 31 from $1.076 billion on December 30. Tesla currently has 11,509 bitcoins on its balance sheet.

This change is almost certainly due to the price of Bitcoin depreciation over the two quarters. Data from Arkham Intelligence shows that Tesla has not executed any transactions in the last three months. Arkham has now marked its Tesla holdings as worth $1.049 billion.

New rules from the Financial Accounting Standards Board (FASB) require that corporate holders of digital assets begin markings for these assets to bring each quarter to the market.

Tesla also reported revenue of $19.34 billion for the first quarter of the year. Analysts were hoping the automaker would climb for $21.37 billion.

TSLA stocks rose more than 2% in after-hours trading.

Roughly 55 million US adults currently own crypto, and a substantial majority of them say digital assets have improved their lives, according to the 2025 State of Crypto Holders Report commissioned by the National Cryptocurrency Association. 

The survey, conducted by The Harris Poll, found that about 21% of the US population owns crypto, and 76% of the holders believe their experience with digital assets has had a positive personal impact.

The poll surveyed 53,805 US adults to identify a representative sample of 10,000 current crypto holders. It is the largest survey to date and reflects a broad demographic range. 

The survey revealed that 67% of holders were under 45 years old, while 15% were over the age of 55, considerably different from a few years ago, when those over the age of 45 were represented in a single-digit percentage.

Meanwhile, gender disparity is also falling, with women accounting for 31% of crypto holders, compared to men accounting for 67% of holders. 

Ownership also grew across all income levels, with households earning less than $75,000 annually now accounting for 26% of crypto-owning households. The report highlighted that the low bar of entry had helped adoption in the lower-income groups.

Beyond investment

The report highlighted that crypto use is not limited to investment. About 39% of holders use it to make purchases, and 96% of those do so at least once a year. Additionally, 31% use crypto to send money to family or friends, and 31% accept it as payment in business transactions. 

Half of all respondents said they were first drawn to crypto by curiosity about the technology, while 60% cited investing in their financial future as the primary motivation for entry.

The report also showed a diversified pattern of holdings. While 11% of holders own over $100,000 in crypto, 55% have portfolios valued under $10,000, and 15% hold less than $500. 

The most commonly known tokens include Bitcoin (99%), Ethereum (91%), and Dogecoin (91%). However, actual usage is concentrated in a smaller group, with Bitcoin held or used by 85% of the respondents, while Ethereum was held or used by 58%.

Regarding societal benefits, 45% of respondents believe crypto promotes financial inclusion and reduces poverty, and the same proportion cited improved digital transaction infrastructure. 

Others pointed to its role in advancing technology (38%) and promoting sustainable financial practices (38%).

Myriad profiles

According to the survey, respondents expressed strong interest in continued education, with 81% saying they want to learn more about digital assets. 

Popular areas of interest include investment strategies (47%), tax implications (39%), blockchain technology (38%), and safety practices (38%). The top sources of information were YouTube and traditional media outlets.

While concerns remain, particularly around scams, volatility, and tax complexities, only 3% of holders reported negative experiences. Out of the 3% negative experiences, about 30% involved fraud or security breaches. 

Meanwhile, 49% of respondents said crypto increased their financial independence, and 45% reported personal growth due to their engagement with the asset class.

Additionally, the majority of respondents view regulation favorably, with 64% supporting government oversight of the sector. 

At the same time, 67% warned that poor regulatory design could stifle innovation, while 73% said they would like to see the US take a global leadership role in crypto development.

The report concluded that US crypto holders view digital assets as personally beneficial and structurally transformative. They express optimism about crypto’s role in financial systems and remain actively engaged in expanding their understanding and participation.

Mentioned in this article

In the latest pro-crypto pivot in the US, the Senate has quashed a rule submitted by the Internal Revenue Service relating to “Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales.”

The rule required decentralized finance platforms to report detailed information on customers to the IRS, starting for tax year 2027. It was aimed at improving tax compliance and treating DeFi the same way centralized exchanges and stock brokerages do.

The bipartisan vote, led by Senator Ted Cruz, argued that DeFi platforms are not traditional brokers and would face high compliance costs.

The repeal passed with a vote of 70 to 27, and every vote to keep the rule was by a Democrat, unsurprisingly.

DeFi Off The Hook

“The Democrats and Republicans can still do things together when they just try,” commented Coinbase chief legal officer Paul Grewal.

17 Democrats and all Republicans in the Senate just voted to repeal the IRS Defi Reporting Rule. Ds and Rs can still do things together when they just try. https://t.co/ajbGKCSbT1

— paulgrewal.eth (@iampaulgrewal) March 4, 2025

“It’s a powerful statement of the importance of crypto. I think crypto was one of the major issues in the last election,” said Texan Senator Cruz, who added, “We just saw a really strong bipartisan repudiation of that regulation.”

Republicans are eyeing other Biden-administration rules using the Congressional Review Act, including regulations on appliances, oil and gas drilling, and rubber tire manufacturing.

Mike Kaercher, deputy director of the Tax Law Center at New York University, did not agree that repealing the rule was a good thing.

“It would encourage more of the digital asset industry to move into the shadows, making it more difficult to counter crimes ranging from tax evasion to fentanyl trafficking to terrorist financing,” he said, according to The Wall Street Journal.

DeFi total value locked had a recent resurgence with the crypto market rally but has since retreated 33% to $102 billion, according to DeFiLlama. It is still a long way from its December 2021 peak of $212 billion since DeFi is primarily Ethereum-based, and ETH has been battered this year.

Market Reaction

Crypto markets have seen a minor recovery over the past 24 hours, with total capitalization adding 2% to reach $2.97 trillion.

Bitcoin reclaimed $88,000 before a minor pullback as Commerce Secretary Howard Lutnick said that Trump was considering a pathway for tariff relief for Mexican and Canadian goods governed by the North American trade agreement.

Ethereum also made a minor 4% gain, but it remained at its lowest level for over a year, wallowing just over $2,150. There were larger gains for XRP, Cardano (ADA), Hedera (HBAR), and Bitcoin Cash (BCH).