Tesla’s latest quarterly report confirms that the company holds a position of 11,509 Bitcoin, worth $765 million, making it the fourth-largest holder of Bitcoin among U.S. public companies. For context, that’s just 0.06% of Bitcoin’s total market cap.
The Q3 earnings release ends speculation sparked by recent wallet moves. Data from Arkham Intelligence shows that Tesla redistributed Bitcoin across seven wallets, each holding between 1,100 and 2,200 BTC, as part of security protocols.
Tesla’s financial performance showed mixed results. While gross margins improved to 19.8% from 18.0% in the second quarter, revenue fell to $25.1 billion from $25.4 billion expected, despite growing 8% year over year. CEO Elon Musk acknowledged pressure from lower-priced electric vehicle competitors.
Bitcoin markets often overreact to Tesla’s cryptocurrency moves. However, Bitcoin’s daily trading volume exceeds $20 billion, making Tesla’s total holdings dwarfed by comparison. Tesla ranks behind MicroStrategy, Marathon Digital Holdings, and Riot Platforms in institutional Bitcoin holdings.
SpaceX, also led by Musk, holds 8,285 bitcoins worth $560 million, making it the seventh largest private holder of bitcoin.
Tesla’s journey with Bitcoin began in 2021 when it briefly accepted the cryptocurrency for vehicle purchases. The company suspended the practice due to the environmental impact of mining but left the door open to resuming it pending greener mining methods.
Bitcoin’s steady position suggests that Tesla sees value in exposure to cryptocurrencies, even though its core business remains manufacturing electric vehicles and energy solutions. Bitcoin price movements are more closely tied to macroeconomic factors, regulatory developments, and market structure than to the holdings of individual companies.