Update Oct. 23 10:30 UTC: This article has been revised to confirm that the figures from Arkham Intelligence are accurate, and that Tesla utilizes fair value rather than market value for calculating digital asset prices.
Tesla announced its Q3 2024 earnings on Oct. 23, indicating that the company has not liquidated any of its $184,000,000 digital asset investments during this quarter, marking five straight business quarters without selling any cryptocurrency.
As per the automotive company’s financial disclosures, Q3 revenue surpassed $25.18 billion — a slight decrease from Q2’s revenue of approximately $25.5 billion. The net income for the quarter was around $2.18 billion, significantly up from Q2’s approximately $1.5 billion.
Tesla captured the attention of crypto investors back in 2021 when it began purchasing Bitcoin (BTC), initiating with a $1.5 billion investment in BTC.
Tesla Q3 2024 balance sheet. Source: Tesla.
Since that time, Tesla and other publicly traded companies holding digital assets have drawn close scrutiny from market players, who view these corporate actions as indicators of institutional interest and to stay informed about selling pressures that could affect the market.
Related: Tesla likely still holds $780M in Bitcoin despite recent changes: Arkham
Wallets Thought to Belong to Tesla Raise FUD
On Oct. 15, on-chain analytics firm Arkham Intelligence reported that wallets believed to be associated with Tesla began transferring Bitcoin from a previously dormant wallet since 2022 to an undisclosed wallet.
Arkham noted that the wallets allegedly controlled by Tesla still reflect a balance of 11,509 BTC, which is valued at approximately $750,728,797 as of this writing.
Recent financial reports from Tesla support initial claims from Arkham Intelligence that the company has not divested any of its digital asset holdings.
Tesla Stock Dips After Recent Cybercab Announcement
Elon Musk introduced Tesla’s upcoming self-driving taxis at an event in Hollywood, California, on Oct. 10. The billionaire expressed belief that automated vehicles represent the future and would reduce accidents caused by human error.
However, the automotive company’s shares took a hit as investors disagreed with Musk’s perspective; following the Robotaxi announcement, Tesla’s stock fell by 8%.
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