Teslas Q3 Financial Report Reveals Unchanged Bitcoin Holdings

CoinJiawang reported:
Tesla maintains its holding of 11,509 BTC, worth about $765 million.
MicroStrategy outperforms tech giants, and Bitcoin ETF may surpass Satoshi Nakamoto’s holdings.
Tesla’s Q3 financial report calms concerns about its Bitcoin holdings, confirming that the company has not changed its BTC position this year.
Recent headlines sparked speculation about Tesla’s transfer of nearly all of its $760 million worth of Bitcoin reserves to an unknown wallet, causing concerns about an impending sell-off.
Tesla’s Bitcoin holdings in Q3, explained:
Against this backdrop, Tesla holds a significant stake in Bitcoin, with 11,509 BTC valued at about $765 million as of the time of writing.
This makes Tesla the fourth-largest BTC holder among US-listed companies, trailing industry leaders MicroStrategy, Marathon Digital Holdings, and Riot Platforms.
Additionally, Elon Musk’s SpaceX owns 8,285 Bitcoin, worth about $560 million, making it the seventh-largest Bitcoin holder among private companies.
However, in the earnings report for Q3 2024:
On October 23, Tesla revealed that it has held onto its investments in digital assets, with $184 million in cryptocurrency assets not sold this quarter.
This marks the fifth consecutive quarter without any cryptocurrency sales.
As expected, the company’s Q3 revenue exceeded $25.18 billion, slightly lower than the approximately $25.5 billion in Q2.
However, Tesla’s net income soared to around $2.18 billion, showing significant growth compared to the net income of about $1.5 billion in the previous quarter.
Other institutional players and their positions:
While Tesla’s BTC holdings remain stable, Michael Saylor’s MicroStrategy has been outstanding.
Throughout July, the company outperformed well-known tech giants including Nvidia, Tesla, and Microsoft.
By September, MicroStrategy further solidified its position in the market, surpassing heavyweight companies such as Apple, Microsoft, Nvidia, and Amazon.
In fact, leading ETF analyst Eric Balchunas from Bloomberg made a stunning prediction, suggesting that Bitcoin exchange-traded funds (ETFs) may surpass Bitcoin’s mysterious creator Satoshi Nakamoto as the largest holders of cryptocurrency before Christmas.
Meanwhile, according to the latest market data from CoinMarketCap, the trading price of BTC is $67,371.08, showing a 1.68% increase in the past 24 hours.