U.S.-based automotive car manufacturing company Tesla released its Q3 filings on October 23rd. In the filings, the company declared to have digital assets worth $184 million and had not liquidated its crypto holdings. The company also revealed its Q3 revenue was $25.18 billion, a slight drop from Q2’s revenue of $25.5 billion.
Recent on-chain data from Arkham Intelligence, a blockchain data analytics firm, revealed that Tesla’s crypto wallet had come to life after two years of inactivity. The wallet involved a series of transactions, including test transfers, that saw 11,500 bitcoins moved to unknown wallets.
The transfers sparked controversies in the crypto industry. Many thought the company was on the verge of liquidating its crypto assets, while some believed the wallet may have been hacked.
Q3 report reveals Tesla still owns 100% of its Bitcoin
Tesla released its Q3 filings on October 23rd, revealing it was still in possession of the crypto assets. The balance sheet documents highlight that the electric car manufacturer still holds digital assets worth $184 million and has not liquidated any crypto assets for the last five consecutive business quarters.
According to Arkham Intelligence, wallets associated with the company have 11,509 Bitcoin valued at around $772,976,279 at market prices at the time of this writing. The blockchain analysis firm believes that the recent transfers witnessed last week were wallet rotations executed by the company for security purposes. The firm also believes the assets are still under Tesla’s custody.
𝗨𝗣𝗗𝗔𝗧𝗘: 𝗧𝗘𝗦𝗟𝗔 𝗕𝗜𝗧𝗖𝗢𝗜𝗡 𝗪𝗔𝗟𝗟𝗘𝗧𝗦
We believe that the Tesla wallet movements that we reported on last week were wallet rotations with the Bitcoin still owned by Tesla.
Tesla moved their entire balance of 11,509 BTC ($776.9M) to new wallets. pic.twitter.com/aWeHrwjo22
— Arkham (@ArkhamIntel) October 22, 2024
Arkham stated that Tesla’s Bitcoin holdings are split into seven different wallets, each having between 1,100 and 2,200 BTC. All but one address holds a round Bitcoin count. Arkham Intelligence also noted that many speculate the transfers were initiated to a custodian for financial reasons, like using them as security for a loan.
Tesla records a slight drop in Q3 revenue compared to Q2
The financial statements also revealed that Tesla’s Q3 revenue slightly declined compared to the revenue generated in Q2. Q3’s revenue was $25.18 billion, while Q2’s revenue was $25.5 billion. The company’s net income for Q3 significantly rose from that recorded in Q2. Q3’s net income settled at about $2.18 billion, while Q2’s net income was $1.5 billion.
Tesla currently ranks fourth on the Bitcoin Treasuries list of top companies with the largest Bitcoin holdings falling behind Microstrategy and Bitcoin mining firms – Riot Platforms and Marathon Digital. Tesla’s first contact with crypto happened in 2021 when the entity purchased $1.5 billion worth of BTC. In the same year, Tesla announced it had begun accepting car remittances in Bitcoin.
However, the frenzy was short-lived when the company abandoned crypto payments due to the environmental impact caused by Bitcoin mining. The company also sold part of its crypto portfolio, leaving some amounts in its wallets until recently. Since then, Tesla’s stance on crypto and Bitcoin has not been definite and clear. However, Elon Musk said he would reinstate crypto payments for Tesla when Bitcoin mining makes more sense for the environment.
