FameEX Hot Topics | Tesla Confirms No Bitcoin Sales During Q3
2024-10-24 17:51:40
Tesla's Q3 2024 financial filings showed a slight decline in automotive sales compared to Q2, while lease revenues saw a modest increase. The company reported revenue of over $25.18 billion for the quarter, down slightly from $25.5 billion in Q2. However, net income rose significantly to approximately $2.18 billion, compared to $1.5 billion in the previous quarter.
A key highlight from Tesla's report was that the company did not sell any of its $184 million in digital assets during Q3, marking five consecutive quarters of holding its crypto investments. This stability aligns with earlier observations from Arkham Intelligence, which reported that Tesla had retained its Bitcoin holdings. According to Arkham, Tesla’s wallets, believed to hold 11,509 BTC, are still intact and valued at around $750.7 million.
Tesla's initial purchase of $1.5 billion worth of Bitcoin in 2021 made it a focal point for the crypto community, as it became one of the most notable publicly traded companies to invest in digital assets. Since then, market participants have closely monitored Tesla's actions, seeing them as indicators of institutional interest in cryptocurrencies. Tesla’s behavior, especially regarding its digital holdings, can influence market perceptions and potential selling pressures affecting Bitcoin prices.
In early October, Arkham Intelligence noted that Bitcoin had been moved from a wallet reportedly linked to Tesla, which had been inactive since 2022. The transfers were directed to an unknown destination, yet the total balance of 11,509 BTC remains unchanged, suggesting Tesla did not sell any of its digital assets.
On October 10, Elon Musk introduced Tesla's upcoming self-driving taxicabs at an event in Hollywood, California. He expressed confidence that autonomous vehicles would significantly reduce accidents caused by human error. However, the announcement failed to boost investor confidence, and Tesla’s stock price dropped by 8% following the reveal, reflecting skepticism about the company’s future direction in the autonomous vehicle space.
Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.