Tesla Reveals It Did Not Sell Bitcoin in Q3

On October 23, 2024, Tesla announced its Q3 earnings, showing that the company did not sell any of its $184 million worth of digital asset investments during the quarter, and did not sell any cryptocurrencies for five consecutive quarters. According to the automaker's financial report, Q3 revenue exceeded $25.18 billion — a slight decrease from around $25.5 billion in Q2 revenue. The quarter's net profit was around $2.18 billion — a significant increase from the around $1.5 billion in Q2. The company had attracted the attention of cryptocurrency investors in 2021 after Tesla began buying Bitcoin (BTC) with an initial $1.5 billion investment in BTC. Since then, Tesla and other public companies holding digital assets have been closely monitored by market participants, who assess the behavior of these entities as representatives of institutional interest and to flexibly capture the selling pressure that may impact the market.

Wallets believed to belong to Tesla raise concerns

On October 15, Blockchain analysis firm Arkham Intelligence reported that wallets believed to belong to Tesla had begun transferring BTC from a wallet that had been dormant since 2022 to an unknown wallet. According to Arkham, the wallets believed to be controlled by Tesla still show a balance of 11,509 BTC, worth around $750,728,797 at the time of writing. Tesla's recent financial disclosures confirm the initial report that the company did not sell any digital assets. However, the financial report also raises questions about the amount of digital assets the company is believed to be holding.

Tesla stock drops after Cybercab reveal

Elon Musk unveiled Tesla's upcoming self-driving taxi model at an event on October 10 in Hollywood, California. The billionaire expressed confidence that autonomous vehicles are the future and will save many lives by preventing accidents caused by human error. However, for the automaker, investors did not agree with Musk's claims, and Tesla's stock dropped 8% immediately after the Robotaxi was revealed.

Compiled by Tin Tuc Bitcoin