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FameEX Hot Topics | Tesla Reports No Bitcoin Sales in Q3

2024-10-24 17:50:40

Tesla's Q3 2024 financial filings revealed a slight decline in automotive sales compared to Q2, while lease revenues saw a minor increase. The company reported over $25.18 billion in revenue for the quarter, down slightly from Q2’s $25.5 billion. However, net income surged to approximately $2.18 billion, a significant increase from $1.5 billion in the previous quarter.


Notably, Tesla disclosed that it did not sell any of its $184 million in digital assets during Q3, maintaining its crypto holdings for five consecutive quarters. This stability in digital asset investments aligns with earlier reports by Arkham Intelligence, which indicated that Tesla had not sold any of its Bitcoin holdings. According to Arkham, wallets believed to be controlled by Tesla still hold 11,509 BTC, valued at roughly $750.7 million.


Tesla first drew the attention of the crypto community in 2021 when it acquired $1.5 billion worth of Bitcoin, making it one of the most prominent publicly traded companies to invest in digital assets. Since then, market participants have closely monitored Tesla and similar firms, viewing their behavior as indicators of broader institutional interest and potential market movements, especially concerning selling pressures that could impact Bitcoin's price.


Earlier in October, onchain analytics firm Arkham Intelligence observed that Bitcoin was being moved from a wallet, reportedly linked to Tesla, which had been dormant since 2022. The transfers were directed to an unknown wallet, yet the total balance of 11,509 BTC remains unchanged, further confirming that Tesla has not liquidated any of its digital holdings.


Additionally, at an October 10 event in Hollywood, California, Elon Musk introduced Tesla's upcoming self-driving taxicabs, expressing confidence that autonomous vehicles would reduce accidents caused by human error. However, following the reveal, investor sentiment dipped, leading to an 8% drop in Tesla’s stock price.


Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.

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