The latest financial report for Q3 from Tesla has addressed speculations about its Bitcoin investments, confirming that the company has not made any changes to its Bitcoin [BTC] holdings so far this year.
Rumors began swirling recently after Tesla transferred nearly all of its Bitcoin reserves, which were worth around $760 million, to undisclosed wallets. This move raised concerns among investors about potential sell-offs in the near future.
Insights into Tesla’s Bitcoin Holdings in Q3
To provide some background, Tesla currently holds a substantial amount of Bitcoin, with 11,509 BTC in its portfolio, valued at approximately $765 million at the current market rates.
This places Tesla as the fourth-largest holder of BTC among publicly traded companies in the U.S., trailing behind industry frontrunners like MicroStrategy, Marathon Digital Holdings, and Riot Platforms.
In addition to Tesla’s holdings, Elon Musk’s SpaceX also owns 8,285 BTC, which is valued around $560 million, ranking it as the seventh-largest BTC holder among private enterprises.
Nevertheless, Tesla’s Q3 2024 financial report, released on October 23rd, revealed that the company has maintained its investments in digital assets without selling any of its $184 million cryptocurrency holdings during the quarter.
This marks the fifth consecutive quarter where Tesla has refrained from selling any crypto assets.
Despite a slightly lower revenue of over $25.18 billion for Q3 compared to the previous quarter’s approximately $25.5 billion, Tesla saw a significant increase in net income to around $2.18 billion, up from $1.5 billion in the prior quarter.
Positions of other institutional players
While Tesla has held its Bitcoin reserves steady, MicroStrategy, led by Michael Saylor, has notably outperformed major tech companies like Nvidia, Tesla, and Microsoft during July.
By September, MicroStrategy had further solidified its position in the market, surpassing larger players such as Apple, Microsoft, NVIDIA, and Amazon.
In a bold prediction, Eric Balchunas, a prominent ETF analyst at Bloomberg, suggested that Bitcoin exchange-traded funds (ETFs) could potentially surpass Satoshi Nakamoto, the enigmatic Bitcoin creator, as the largest holders of the cryptocurrency by Christmas.
As per the most recent data from CoinMarketCap, BTC is currently trading at $67,371.08, indicating a 1.68% increase over the past 24 hours.