Tesla beats Q1 EPS estimates as SpaceX shares drop 19% post-IPO, raising questions about combined Bitcoin treasury

Tesla reported stronger-than-expected Q1 2026 results, with adjusted EPS of $0.41 versus estimates of $0.34-$0.36 and revenue of $22.39 billion, reinforcing a resilient operating backdrop for the stock. The article’s main market focus, however, is Tesla and SpaceX’s combined Bitcoin treasury of over 30,000 BTC. Tesla holds about 11,509 BTC, while newly public SpaceX holds roughly 18,712 BTC. SpaceX shares are down 19%-23% from their IPO peak near $135, adding pressure to the narrative around Musk’s capital allocation. The piece highlights that any future Tesla-SpaceX merger could consolidate the BTC holdings into one entity, potentially increasing both strategic control and market risk. A forced or voluntary Bitcoin sale by a merged company could weigh on crypto sentiment, given Tesla’s prior BTC liquidation already caused market concern.