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Cryptocurrency News Articles
Tesla Retains Its Bitcoin Holdings, Reporting $25.18B in Revenue for Q3 2024
Oct 24, 2024 at 09:53 pm
Tesla reported its Q3 2024 earnings on October 23rd, confirming that it retained its $184 million in Bitcoin throughout the quarter.
Electric vehicle and clean energy company Tesla has retained its Bitcoin (BTC) holdings throughout Q3 2024, according to the company’s latest financial report.
The new earnings report, published on October 23, confirms that Tesla sold none of its BTC in Q3 2024. This marks the fifth consecutive quarter without any reported sales of the flagship cryptocurrency.
As highlighted in the company’s financial statements, Tesla generated over $25.18 billion in revenue during Q3, showing a slight decrease compared to the previous quarter’s revenue of $25.5 billion.
However, the company’s net income saw a significant increase, rising to approximately $2.18 billion, up from around $1.5 billion reported in Q2 2024.
Tesla first entered the Bitcoin and cryptocurrency market in early 2021 with a massive $1.5 billion Bitcoin purchase, sparking a lot of attention within the crypto space.
Since then, the company’s Bitcoin and digital asset holdings, along with those of other publicly traded firms, have been closely monitored by market participants as indicators of institutional interest and potential selling pressures.
As previously reported, on-chain analytics firm Arkham Intelligence stated on Oct. 15 that Bitcoin wallets, which are believed to be associated with Tesla, began transferring BTC from an address that had remained inactive since 2022 to an unknown destination.
According to Arkham, these wallets, which are purportedly controlled by Tesla, still hold 11,509 Bitcoin, valued at approximately $750.7 million at the time of reporting.
Related: Bitcoin price drops below $70K as BTC wallets linked to Tesla move 11K coins
The latest financial disclosures from Tesla now confirm that the company has not sold any of its Bitcoin, aligning with earlier reports from Arkham Intelligence.
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