Tesla Confirms No Bitcoin Sales in Q3

Tesla’s financial disclosures for the third quarter of 2024 indicate a slight decline in automotive sales relative to the previous quarter, although there was a modest increase in leases.

On October 23, Tesla announced that during Q3 2024, it maintained its digital asset investments, totaling approximately $184 million, without making any sales for the past five quarters.

The company reported Q3 revenue exceeding $25.18 billion, which is a slight decrease from Q2’s revenue of about $25.5 billion. Notably, net income for this quarter reached around $2.18 billion, marking a significant rise from Q2’s approximately $1.5 billion.

Tesla initially attracted attention from crypto investors in 2021 after making a substantial purchase of $1.5 billion in Bitcoin.

The activities and financial strategies of Tesla, along with other publicly listed companies holding cryptocurrencies, are closely monitored by investors as indicators of institutional market interest and potential selling influences.

Concerns Arise Over Potential Wallet Movements

On October 15, Arkham Intelligence reported suspected movements of Bitcoin from a wallet thought to be associated with Tesla, which had been inactive since 2022, to an unidentified wallet.

As per Arkham, the addresses presumed to be controlled by Tesla still reflect a balance of 11,509 BTC, which would be valued at approximately $750 million based on current market conditions.

Tesla’s recent financial disclosures further confirm that the company has not divested from its digital asset holdings.

Market Reaction Following Cybercab Announcement

Elon Musk introduced Tesla’s forthcoming self-driving taxicabs during an event in Hollywood, California, on October 10. He emphasized that autonomous vehicles represent the future, asserting they could reduce accidents caused by human error.

However, following the unveiling, the market reacted negatively, with Tesla’s stock experiencing a decline of 8% shortly thereafter.