Tesla Reports Stable Bitcoin Holdings in Q3 2024 Despite Wallet Transfers

Tesla Inc. (Nasdaq: TSLA) has reported no change in its bitcoin holdings for the third quarter of 2024, despite a notable wallet transfer that sparked widespread speculation. According to the company’s Q3 financial report, Tesla continues to hold $184 million in bitcoin, the same amount as the previous quarter.

Stable Bitcoin Holdings

• Tesla transferred its 11,509 BTC (worth approximately $770 million) to new wallets after two years of inactivity.
• Despite the move, there was no sale, leading analysts to believe the transfer was a security measure or part of routine internal processes.

Tesla’s digital asset holdings remain listed as “non-current assets,” reaffirming the company’s long-term commitment to its bitcoin investment, initially made in 2021.

Q3 2024 Financial Performance

Tesla also reported strong financial results for Q3 2024:

• Revenue: $25.2 billion, driven by record vehicle deliveries and a 52% surge in energy storage sales.
• Profits: $2.7 billion, with a 10.8% operating margin.
• Cash Reserves: Increased to $33.6 billion.

Tesla’s energy storage business, which includes products like the Powerwall and Megapack, continues to experience significant growth as demand for renewable energy solutions rises.

AI and Future Projects

Beyond financial performance, Tesla’s Q3 report highlighted its continued focus on cutting-edge technology:

• AI Expansion: Tesla has been investing heavily in its AI capabilities, crucial for its autonomous driving ambitions.
• Future Projects: The company reaffirmed its commitment to making electric vehicles more affordable and enhancing its autonomous driving technology.

Bitcoin Holdings: No Sale in Sight

While Tesla’s recent bitcoin wallet movement fueled speculation of a potential sell-off, no bitcoin was sent to exchanges, alleviating concerns. This move suggests that Tesla, which holds the third-largest bitcoin reserve among public companies, may have been reorganizing wallets for security purposes or using the holdings as collateral for a loan.

Tesla trails only MicroStrategy and Marathon Digital Holdings in terms of corporate bitcoin reserves, but remains one of the most closely watched companies when it comes to crypto adoption.