Based on its most recent financial statements, Tesla claims that during the third quarter of 2024 it did not sell any of its Bitcoin assets. Despite rumors spurred by recent wallet activity, the $184 million worth of digital assets of the electric vehicle behemoth were unaltered for the sixth straight quarter.
Tesla’s Q3 2024 income came in at $25.18 billion, a slight decline from $25.5 billion in Q2. But net income surged sharply from $1.5 billion in the previous quarter to $2.18 billion in Q3. Since Tesla first bought $1.5 billion worth of Bitcoin in 2021, market watchers have paid close attention to her strategic grasp on the asset.
Blockchain data from Arkham Intelligence recently revealed that Tesla’s Bitcoin wallets—which had been dormant since 2022—started shifting assets. These fluctuations generated speculations about Tesla possibly selling its assets. However, the company’s financial records reveal no revenue generation. Currently worth around $750 million, Tesla still owns 11,509 bitcoins. With no sign of a sell-off, Arkham Intelligence said the transfers were most likely for security reasons.
This is not Tesla’s first venture into public attention with Bitcoin. When the corporation began taking Bitcoin as payment for its cars in 2021, it made news. However, the environmental challenges associated with Bitcoin mining led to the temporary nature of this technique. Although Tesla eventually sold some of its cryptocurrency, it kept a large quantity in its portfolio, and its attitude toward cryptocurrencies has always been of great interest.
In this context, the unveiling of Tesla’s latest self-driving taxi, the Cybercab, caused an 8% drop in the company’s stock. Investors responded with mistrust even though CEO Elon Musk felt autonomous cars had bright future prospects.
Along with other major players like MicroStrategy, Tesla continues to rank among the top firms that own Bitcoin, prompting institutional investors and crypto enthusiasts to closely monitor the company’s Bitcoin policy.
