Tesla maintained its Bitcoin holdings in the first quarter of 2025, despite CEO Elon Musk's assurances to investors that he would pull back from his government role to focus more on the electric carmaker.

The announcement came during Tesla’s April 22 earnings call and sparked a jump in the company’s stock price, rising 4.6% during the trading day and another 5.4% in after-hours trading, pushing the stock to $250.80, according to Google Finance.

Despite the market reaction, Tesla’s Q1 results painted a challenging picture. Revenue came in at $19.34 billion, falling short of Wall Street estimates by 7.85% and marking a 9.2% drop from the same period in 2024.

Net income also took a hit, plunging over 80% from the previous quarter to $409 million — a steep 70.5% fall compared to Q1 last year.