Tesla reported a profit of $2.18 billion in the third quarter of 2024, up from the previous quarter. The company still holds $184 million in Bitcoin and has not sold any more cryptocurrency for five consecutive quarters.
On October 23, Tesla released its third-quarter 2024 financial report, showing revenue of $25.18 billion, down slightly from $25.5 billion in the second quarter. However, net income increased sharply, reaching $2.18 billion compared to $1.5 billion in the previous quarter. The report also confirmed that Tesla did not sell any digital asset investments during the quarter, maintaining its Bitcoin holdings worth $184 million. This is the fifth consecutive quarter that the company has not sold additional cryptocurrencies.
Tesla attracted significant attention from the crypto community when it purchased $1.5 billion in Bitcoin in 2021. Since then, digital asset holdings of public companies, including Tesla, have been closely watched by investors to gauge institutional interest and predict potential selling pressure in the market.
Tesla's Q3 2024 balance sheet. Source: Tesla .
Previously, on October 15, on-chain analytics firm Arkham Intelligence reported that wallets believed to belong to Tesla transferred Bitcoin from a wallet that has been inactive since 2022 to a new wallet. Arkham estimated that these wallets now hold 11,509 BTC, equivalent to about $750.7 million. Information from Tesla's latest financial report confirmed Arkham Intelligence's initial report that the company did not sell any digital assets.
Alongside the Bitcoin news, Tesla also announced a new self-driving taxi (Robotaxi) on October 10. CEO Elon Musk has said that self-driving cars are the future and can reduce traffic accidents. However, the market does not seem to share this belief, with Tesla shares falling 8% immediately after the Robotaxi was announced. The market reaction reflects investors’ caution about Tesla’s new strategy, as well as the potential challenges of deploying self-driving technology on a large scale.
