Tesla released its Q3 2024 earnings on Oct. 23, confirming that it held onto its $184 million in digital assets throughout the quarter, marking the fifth consecutive quarter without selling any cryptocurrency.
The company’s financial results showed revenue slightly down at $25.18 billion compared to $25.5 billion in Q2. However, Tesla’s net income saw a notable rise to $2.18 billion, up from $1.5 billion in the previous quarter.
Tesla first caught the attention of the crypto community in 2021 when it made headlines with its $1.5 billion investment in Bitcoin. Since then, market watchers have closely followed the company’s crypto activities, viewing them as a signal of broader institutional interest and keeping an eye on potential market movements tied to Tesla’s holdings.
Wallets believed to belong to Tesla spark FUD
On Oct. 15, onchain analytics firm Arkham Intelligence revealed that wallets, suspected to be linked to Tesla, began transferring Bitcoin from an inactive address since 2022 to an unknown destination.
Arkham reported that these wallets, believed to be controlled by Tesla, still held 11,509 BTC, worth approximately $750.7 million at the time of the report. Tesla’s Q3 financial disclosure backs up Arkham’s findings, confirming no sales of its digital assets.
Tesla stock sinks following recent Cybercab reveal
On Oct. 10, Elon Musk showcased Tesla’s self-driving “Robotaxi” concept at an event in Hollywood, California, touting the safety benefits of autonomous vehicles in reducing human-error-related accidents.
Despite Musk’s enthusiasm, investors reacted negatively, leading to an 8% drop in Tesla’s stock price immediately after the announcement.
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