Tesla Bitcoin Holdings Revealed by Earnings Report After Fears of Dumping

• Tesla shifts 11,509 BTC, prompting concerns. 
• Q3 earnings reveal the state of crypto holdings. 
• Actual figures are higher than reported. 

Tesla’s moves in crypto have long attracted significant attention. Since the company bought its initial $1.5 million Bitcoins in 2021, it has remained a major crypto investor. However, subsequent sales of its digital assets and recent wallet moves have rattled investors. 

On-chain investigators revealed that Tesla recently moved $773 million in Bitcoin to different wallets. This sparked concerns about the company selling off its remaining digital assets. Subsequent Q3 financial reports shed light on these moves. 

Tesla Reveals Crypto Holdings in Q3 Report

Recent financial reports revealed the extent of Tesla’s crypto holdings. On Wednesday, October 23, Tesla released its financial report for the third quarter of 2024. The report revealed that the company did not sell its Bitcoin holdings during that quarter. 

The report indicates that Tesla has $184 million in digital assets. However, the actual figure is certainly higher, closer to $780 million at current prices. The discrepancy comes from an accounting rule that records crypto assets at “impaired value” or written down to its lowest market price.

This report comes after Tesla moved $773 million worth of Bitcoin to seven different wallets, sparking investor concerns. This was despite Elon Musk reportedly instructing the company not to sell its digital assets. 

Tesla’s Bitcoin Holdings in the Past

Tesla started investing in Bitcoin in 2021 when the company announced that it would purchase $1.5 billion worth of Bitcoin. At the time, this was one of the biggest corporate investments in crypto. Since then, the company has gradually sold off its crypto assets. 

The first sale came in Q1 of 2021, when the company sold 10% of its Bitcoin, earning 272 million in profit. Elon Musk claimed that this was part of the liquidity test. According to Musk, the goal of the sale was to see whether the market could absorb that much Bitcoin without significantly impacting its price. 

Still, in July 2022, Tesla sold 75% of its Bitcoin holdings, reducing the amount from 42,902 BTC to 11,509 BTC. This was at the time when Bitcoin faced major uncertainty. The remaining Tesla’s Bitcoin holdings were worth about $218 million. Since Bitcoin’s rebound, these holdings have jumped back to around $780 million.   

On the Flipside

• Tesla’s CEO Elon Musk revealed he personally holds Bitcoin, Ethereum, and a small quantity of Dogecoin. 
• The EV maker used to accept Dogecoin payments for its merch. This option disappeared from its website after Elon Musk got sued for allegedly pumping the memecoin. 

Why This Matters

Tesla remains a major holder in Bitcoin, and its moves can significantly impact its price. Its continued involvement in crypto 

Read more about Elon Musk’s stance on crypto: 
Elon Musk Heralds DOGE as “the People’s Crypto” at Giga Berlin

Read more about Solana’s ecosystem developments: 
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