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ToggleTesla Did Not Sell Bit in the Third Quarter
According to Tesla's third-quarter financial report released on October 23, the company did not sell its $184 million digital asset investment during the quarter, and has not sold any cryptocurrency for five consecutive quarters.
The report shows that Tesla's third-quarter revenue exceeded $25.18 billion, slightly lower than the approximately $25.5 billion in revenue in the second quarter. However, Tesla's net income for the quarter was about $2.18 billion, a significant increase from the $1.5 billion in the second quarter.
Since 2021, Tesla has started buying Bit with an initial investment of $1.5 billion. Since then, market participants have been closely watching Tesla and other publicly traded companies holding digital assets, using their behavior to assess institutional interest in cryptocurrencies and potential sell-off pressures that may affect the market.
Tesla Wallet Movements Trigger FUD
On October 15, on-chain analysis firm Arkham Intelligence reported that Tesla's wallet addresses had transferred Bit from wallet addresses that had been inactive since 2022 to multiple unknown wallets, and Arkham believed at the time that these Bit were just being moved to different storage wallets and still belonged to Tesla. Tesla's latest financials have confirmed Arkham's initial speculation that the company has not sold any digital assets.
Tesla Stock Drops After Recent Autonomous Vehicle Unveiling
Tesla CEO Musk showcased the company's upcoming autonomous ride-hailing service at an event in Hollywood, California on October 10. The billionaire expressed confidence in the future of autonomous vehicles, believing they will save lives by preventing accidents caused by human error.
However, investors did not share Musk's view, and after the autonomous ride-hailing unveiling, Tesla's stock fell 8% due to a lack of details, no disclosure of the related plan's costs, and Musk's implication that the project may be further delayed.
