Tesla Holds Bitcoin Steady After BTC Wallet Transfers Spark Speculation

Tesla has reported stable bitcoin holdings for Q3 2024, despite transferring its 11,509 BTC to new wallets. The move, which sparked speculation but did not signal a sale, suggests routine security measures. Tesla posted $25.2 billion in revenue and $2.7 billion in profits, driven by record vehicle deliveries and a 52% surge in energy storage.

Tesla Reports Stable Bitcoin Holdings in Q3 2024 Amid Wallet Movement

On Wednesday, Tesla (Nasdaq: TSLA) revealed its third-quarter earnings for 2024. According to the company‘s financial report, the value of Tesla’s digital assets remained steady at $184 million, with no changes from the previous quarter. These digital asset holdings are listed as non-current assets, reinforcing their long-term strategic importance on Teslas balance sheet.

Assets on Teslas balance sheet (unaudited) Source: Tesla

For Q3 2024, Tesla posted $25.2 billion in revenue, largely driven by record-breaking vehicle deliveries and a 52% surge in energy storage. Profits reached $2.7 billion, with the company achieving a 10.8% operating margin. Additionally, Tesla continued to expand its AI capabilities, increased its cash reserves to $33.6 billion, and remained focused on future projects, including autonomous driving technology and affordable electric vehicles.

After making headlines in 2021 for its significant bitcoin purchase, Tesla has not made further moves into cryptocurrency. In mid October, the company transferred its bitcoin holdings — 11,509 BTC, valued at around $770 million — to new digital wallets after two years of inactivity. The transfer, which did not involve sending any bitcoin to exchanges, fueled speculation that a sale was not imminent. Some analysts speculate that this may have been a routine wallet reorganization or a move to secure a loan. Tesla, with the third-largest bitcoin reserve among public companies, still trails behind Microstrategy and Marathon Digital in terms of BTC holdings.

According to Arkham Intelligence, Tesla‘s recent bitcoin transfer was a wallet rotation, with the company retaining control of the cryptocurrency. “We believe that the Tesla wallet movements we reported last week were rotations, with the Bitcoin still owned by Tesla,” Arkham detailed. Currently, Tesla’s bitcoin is spread across seven wallets, each containing between 1,100 and 2,200 BTC, and none of the coins have moved since the transfer. Arkham‘s analysis also indicates that Tesla’s BTC is stored securely with Coinbase Prime Custody.