Originally published on: October 23, 2024
In its latest earnings report, Tesla disclosed that it has maintained its $184 million worth of digital asset investments without selling any in the third quarter. This marks five consecutive business quarters without any crypto sell-offs for the automotive giant.
Although Q3 revenue dipped slightly to over $25.18 billion compared to the previous quarter’s $25.5 billion, Tesla saw a notable increase in net income, reaching approximately $2.18 billion, up from around $1.5 billion in Q2.
Tesla first drew attention from crypto investors in 2021 when it made its initial $1.5 billion Bitcoin purchase. Since then, the company, along with other publicly traded firms holding digital assets, has been closely monitored by market players looking for insights into institutional interest and potential selling pressures affecting the market.
Recent reports from onchain analytics firm Arkham Intelligence indicated that Tesla’s Bitcoin holdings remain intact, with a balance of 11,509 BTC valued at about $750,728,797 at the time of writing.
Despite the positive outlook on its digital assets, Tesla faced some turbulence when CEO Elon Musk unveiled the company’s self-driving taxicabs at an event in Hollywood. The market response was not as favorable as Musk had hoped, leading to an 8% drop in Tesla’s stock following the Robotaxi reveal.
While Tesla continues to navigate through the volatile crypto landscape and innovative automotive developments, it remains a key player in both industries, drawing attention from investors and enthusiasts alike.
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