Tesla did not sell its bitcoins in the third quarter of 2024, according to the company’s financial report.
On October 16, the automotive company transferred all its 11,509 BTC, valued at approximately $760 million, to unknown addresses. Later, experts from Arkham reported that it continues to hold the coins, distributing them across seven different wallets with balances ranging from 1,100 BTC to 2,109.3 BTC.
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We believe that the Tesla wallet movements that we reported on last week were wallet rotations with the Bitcoin still owned by Tesla.
Tesla moved their entire balance of 11,509 BTC ($776.9M) to new wallets. pic.twitter.com/aWeHrwjo22
— Arkham (@ArkhamIntel) October 22, 2024
At the current bitcoin price of $66,855, Tesla’s crypto assets are valued at $770 million.
According to BitcoinTreasuries, the electric vehicle manufacturer is the fourth-largest corporate holder of the leading cryptocurrency. The service estimates that the company owns 9,720 BTC.
Tesla’s revenue for the third quarter exceeded $25.18 billion, slightly below the previous reporting period’s figure of $25.5 billion. Net profit amounted to $2.18 billion, a sharp increase from $1.5 billion.
Following the report’s release, shares of Elon Musk’s firm rose by 11%.
In February 2021, it was revealed that Tesla invested $1.5 billion in bitcoin. Musk described these investments as “fairly risky.”
In the spring of the same year, the company began selling electric cars for digital gold, but later abandoned this option.
By the end of the second quarter of 2022, Tesla had converted approximately 75% of its cryptocurrency into fiat, which brought in $936 million. The profit from the operation was $64 million. Taking into account the negative revaluation of bitcoins on the balance sheet amounting to $204 million, the firm reported a net loss of $140 million.