Tesla Holds Steady on Bitcoin, Avoids Sales for Fifth Consecutive Quarter

Tesla Q3 financial filings reveal the company hasn’t sold any of its $184 million Bitcoin holdings, maintaining its digital assets for the fifth straight quarter. While revenue dipped slightly, net income rose sharply.

Tesla Reveals It Didn’t Sell Any Bitcoin Holdings in Q3

Tesla’s Q3 2024 earnings report, released on October 23, shows that the company has continued to hold onto its Bitcoin reserves, amounting to $184 million, without making any sales during the quarter. This marks the fifth consecutive quarter in which Tesla refrained from selling any of its cryptocurrency holdings.

Tesla initially attracted attention in the cryptocurrency space when it made a $1.5 billion investment in Bitcoin in 2021. Since then, its digital asset strategy has been closely monitored by crypto investors and market participants eager to understand corporate and institutional interest in Bitcoin.

Tesla’s Q3 Performance: Mixed Automotive Results

Tesla’s overall performance in Q3 2024 showed mixed results. The company’s revenue for the quarter stood at $25.18 billion, a slight decline compared to the $25.5 billion reported in Q2. Despite this drop in revenue, Tesla saw a substantial increase in net income, reporting $2.18 billion, up from $1.5 billion in the previous quarter.

Automotive sales, the company’s primary revenue driver, dipped slightly, while automotive leases saw a marginal increase. This shift highlights the changing dynamics within Tesla’s core business as it navigates broader economic and market conditions.

No Bitcoin Sales for Five Quarters

Since Tesla’s initial Bitcoin purchase in 2021, the company has garnered significant attention in the cryptocurrency world. Following their early involvement, Tesla’s crypto activity has been relatively stagnant, with no sales reported for the past five business quarters.

Arkham Intelligence, an on-chain analytics firm, recently reported that wallets believed to be associated with Tesla showed movement of Bitcoin from a dormant wallet to an unknown wallet, sparking concerns of potential sales. However, Tesla’s financial disclosures confirm that these fears were unfounded, as the company continues to hold 11,509 BTC—valued at approximately $750 million at the time of reporting.

Tesla’s Stock Decline After Robotaxi Reveal

In addition to the Q3 earnings report, Tesla recently made headlines for the unveiling of its self-driving Robotaxi on October 10 in Hollywood, California. Tesla CEO Elon Musk touted the technology as a crucial step toward a future of autonomous driving that would reduce human-error-related accidents.

However, investor reactions were less optimistic. Following the announcement, Tesla’s stock fell by 8%, signaling skepticism over the company’s latest innovation in the autonomous driving sector.

Looking Forward: Bitcoin and Tesla

Tesla’s decision to hold onto its Bitcoin investments aligns with its long-term view of digital assets as part of its financial strategy. As both the electric vehicle giant and Bitcoin navigate uncertain market conditions, Tesla’s cryptocurrency reserves will likely remain a topic of close attention for both crypto enthusiasts and institutional investors alike.

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