Tesla Bitcoin holdings remain unchanged, Q3 earnings report reveals

• Tesla maintained its Bitcoin holdings at 11,509 BTC, valued at approximately $765 million.
• MicroStrategy outperformed tech giants, while Bitcoin ETFs may surpass Satoshi Nakamoto’s holdings.

Tesla’s Q3 earnings report has put to rest rumors regarding its Bitcoin [BTC] holdings, confirming that the company has not altered its BTC position this year.

Recent headlines sparked speculation when Tesla transferred nearly its entire Bitcoin stash, valued at approximately $760 million, to unknown wallets, raising concerns of impending sell-offs.

Tesla’s Bitcoin holdings in Q3, explained

For context, Tesla maintains a significant stake in Bitcoin, holding 11,509 BTC, valued at approximately $765 million at press time.

This positions Tesla as the fourth-largest BTC holder among publicly traded companies in the United States, following behind industry leaders MicroStrategy, Marathon Digital Holdings, and Riot Platforms.

Additionally, Elon Musk’s SpaceX possesses 8,285 BTC, valued at approximately $560 million, positioning it as the seventh-largest Bitcoin holder among private companies.

That being said, in its Q3 2024 earnings report released on the 23rd of October, Tesla disclosed that it has maintained its digital asset investments, with no sales from its $184 million crypto holdings during the quarter.

This marks the fifth consecutive quarter without any crypto sales.

As expected, the company reported a revenue exceeding $25.18 billion for the third quarter, a slight decrease from approximately $25.5 billion in Q2.

However, Tesla’s net income surged to around $2.18 billion, reflecting a notable increase from the previous quarter’s net income of approximately $1.5 billion.

Other institutional players and their positions

However, while Tesla’s BTC holdings have remained steady, Michael Saylor’s MicroStrategy has distinguished itself by outperforming notable tech giants, including Nvidia, Tesla, and Microsoft, throughout July.

By September, MicroStrategy had further solidified its position in the market, eclipsing heavyweights like Apple, Microsoft, NVIDIA, and Amazon.

In fact, in a striking prediction, Eric Balchunas, a leading ETF analyst at Bloomberg, suggested that Bitcoin exchange-traded funds (ETFs) could potentially overtake Satoshi Nakamoto—the mysterious creator of Bitcoin—as the largest holders of the cryptocurrency by Christmas.

Meanwhile, as of the latest market data from CoinMarketCap, BTC is trading at $67,371.08, reflecting a 1.68% increase over the past 24 hours.