Tesla’s Q3 2024 financial report, released on October 23, reveals that the company has not sold any Bitcoin holdings. Tesla, which holds $184 million in digital assets, has maintained its position for five consecutive quarters without selling any crypto. This reinforces the company’s strategy of holding Bitcoin, which it initially began acquiring in 2021 with a $1.5 billion purchase.
According to Arkham Intelligence, Tesla’s wallets still show a balance of 11,509 BTC, valued at approximately $750.7 million. Earlier, on October 15, Arkham reported that these wallets, believed to belong to Tesla, moved Bitcoin to an unknown wallet from a previously dormant address. Despite this activity, Tesla's latest financial disclosures confirm that there were no sales, aligning with Arkham's reports.
Tesla’s Q3 financial performance also provided key insights. The company reported revenue of over $25.18 billion, slightly lower than Q2’s $25.5 billion. However, its net income showed a strong rise, reaching $2.18 billion compared to $1.5 billion in Q2.
Tesla has been a focal point for crypto enthusiasts since it began holding Bitcoin, with market participants closely observing the company's digital asset activities. As a publicly traded firm with a significant crypto investment, Tesla’s decisions can indicate broader institutional interest and influence market sentiment.
Interestingly, the company’s recent activities also affected its stock.
On October 10, Elon Musk introduced Tesla’s self-driving "Robotaxi" at an event in Hollywood, California. He emphasized that autonomous vehicles would reduce accidents by eliminating human error. However, following the unveiling of this new concept, Tesla’s stock dropped by 8%, suggesting that investors might have concerns about the feasibility or potential of the new product.
Despite fluctuations in its core automotive business and the launch of new ventures, Tesla continues to hold onto its Bitcoin investment, signaling a long-term view on crypto assets.
