No, Tesla Didn't Dump Its Bitcoin Holdings

Despite recently moving its Bitcoin holdings, Tesla has shown that none of the assets were sold as per its Q3 2024 earnings.

Released yesterday, Tesla's quarterly report showed that none of its $184 million worth of Bitcoin have been sold.

Elon Musk's EV giant triggered fears in the market last week after it transferred almost all of its Bitcoin holdings to unknown wallets. According to Arkham Intelligence, Tesla's wallets moved over 11,500 Bitcoin, amounting to around $760 million and marking its first move in two years.

Tesla reported $25.18 billion in revenue in Q3, slightly down from the $25.5 billion it made in Q2. Net income showed a significant rise to $2.18 billion, compared to Q2's $1.5 billion. Tesla's stock price consequently jumped 12% in after horus trading.

Tesla is the fourth largest US publicly traded company holding Bitcoin, behind MicroStrategy and mining firms Marathon Digital and Riot Platforms. In February 2021, Tesla bought $1.5 billion of Bitcoin and owned as much as $2.5 billion of the cryptocurrency. 75% of its Bitcoin was sold off at a loss in early 2022.

Musk had previously been a vocal supporter of Bitcoin and even considered accepting it as payment for Tesla. The idea was eventually scrapped due to environmental concerns.

In August this year, Musk and Tesla secured a win in a federal lawsuit that accused them both of manipulating Dogecoin.

The case, which alleged that Musk's endorsement of the Memecoin along with insider trading caused investors to lose billions, was dismissed by US District Judge Alvin Hellerstein in Manhattan.