Block and Tesla remain profitable on Bitcoin treasuries while peers bleed

Tesla and Block remain in profit on their Bitcoin treasury holdings thanks to low-cost purchases made in 2020-2021, even as many other corporate holders sit on unrealized losses. Tesla holds 11,509 BTC with a cost basis of about $386 million-$387 million after selling roughly 75% of its original 2021 position in Q2 2022; it reported an $80 million gain from Bitcoin in Q3 2025 under fair-value accounting. Block holds about 9,117 BTC bought for roughly $220 million and has continued small dollar-cost-averaging additions. The article highlights how mark-to-market accounting is improving transparency for corporate crypto holdings and making winners and losers in Bitcoin treasuries easier to see. Separately, the article notes rapid growth in tokenized stocks to about $2.8 billion across 3,374 assets, led by Ethereum, Solana, and BNB Chain, with monthly transfer volumes above $22 billion-$25 billion and over one million holders.