Tesla reported its Q3 2024 earnings on Oct. 23, revealing that the company has not sold any of the $184,000,000 in digital asset investments during the quarter and has not sold any crypto for five consecutive business quarters.
According to the automotive company’s financial statements, revenue for Q3 was north of $25.18 billion — slightly down compared to Q2 revenue of approximately $25.5 billion. Net income for the quarter was roughly $2.18 billion — a sharp increase from Q2’s roughly $1.5 billion.
The company appeared on the radar of crypto investors in 2021 after Tesla began acquiring Bitcoin BTC
$67,754 with an initial purchase of $1.5 billion in BTC.
Since then, Tesla and other publicly traded firms holding digital assets have been closely watched by market participants, who gauge the behavior of these corporate entities as proxies for institutional interest and to remain abreast of selling pressures that can potentially impact markets.
Wallets believed to belong to Tesla spark FUD
On Oct. 15, onchain analytics firm Arkham Intelligence reported that wallets believed to belong to Tesla began shifting Bitcoin, from a wallet that had been dormant since 2022, to an unknown wallet.
According to Arkham, the wallets purportedly controlled by Tesla still show a balance of 11,509 BTC, valued at approximately $750,728,797, at the time of writing.
The latest financial disclosures from Tesla corroborate initial reports from Arkham Intelligence that the company has not sold any of its digital asset holdings.
Tesla stock sinks following recent Cybercab reveal
Elon Musk unveiled Tesla’s upcoming self-driving taxicabs at an Oct. 10 event in Hollywood, California. The billionaire expressed confidence that driverless cars were the future and would save lives by preventing accidents caused by human error.
Unfortunately for the automotive company, investors did not agree with Musk’s assertion, and immediately following the Robotaxi reveal Tesla’s stock sank by 8%.
