The latest financial report from Tesla has dispelled any doubts surrounding the company’s Bitcoin holdings, affirming that there have been no adjustments to its BTC reserves this year.
Speculation arose recently after Tesla moved the majority of its Bitcoin assets, worth around $760 million, to unidentified wallets, causing concerns about potential sell-offs in the market.
An Overview of Tesla’s Bitcoin Holdings in Q3
To provide context, Tesla holds a significant amount of Bitcoin, with 11,509 BTC valued at about $765 million currently.
This positions Tesla as the fourth-largest holder of BTC among publicly traded firms in the United States, trailing behind industry leaders like MicroStrategy, Marathon Digital Holdings, and Riot Platforms.
Furthermore, Elon Musk’s SpaceX owns 8,285 BTC valued at roughly $560 million, making it the seventh-largest Bitcoin holder among private companies.
Regarding its Q3 earnings, Tesla’s recently released report for the quarter ending in October 2024 indicated that the company has retained its digital asset investments, with no crypto sales from its $184 million holdings during the period.
This marks the fifth consecutive quarter without any cryptocurrency sales by the company.
As expected, Tesla reported revenues exceeding $25.18 billion in the third quarter, slightly down from around $25.5 billion in Q2.
However, the company’s net income surged to about $2.18 billion, a significant increase from the previous quarter’s net income of around $1.5 billion.
Performance of Other Institutional Players and Their Positions
While Tesla’s BTC holdings have remained stable, MicroStrategy led by Michael Saylor has stood out by surpassing major tech giants such as Nvidia, Tesla, and Microsoft during the month of July.
By September, MicroStrategy had further cemented its position in the market, surpassing industry heavyweights like Apple, Microsoft, NVIDIA, and Amazon.
In an intriguing forecast, Eric Balchunas, a prominent ETF analyst at Bloomberg, suggested that Bitcoin exchange-traded funds (ETFs) could potentially surpass Satoshi Nakamoto—the enigmatic creator of Bitcoin—as the largest holders of the cryptocurrency by Christmas.
As for the most recent market data from CoinMarketCap, Bitcoin (BTC) is currently trading at $67,371.08, showing a 1.68% increase in the last 24 hours.