- Tesla maintained its Bitcoin holdings at 11,509 BTC, worth approximately $765 million.
- MicroStrategy outperformed tech giants, while Bitcoin ETFs could surpass Satoshi Nakamoto’s holdings.
Tesla’s third-quarter earnings report has put the rumors about its Bitcoin to rest [BTC] holdings, confirming that the company has not changed its BTC position this year.
Recent headlines sparked speculation as Tesla transferred almost its entire Bitcoin supply, worth about $760 million, to unknown wallets, raising concerns about impending sell-offs.
Tesla’s Bitcoin holdings in the third quarter explained
For context, Tesla has a significant stake in Bitcoin, owning 11,509 BTC, which at the time of writing was valued at approximately $765 million.
This positions Tesla as the fourth largest BTC holder among publicly traded companies in the United States, behind market leaders MicroStrategy, Marathon Digital Holdings and Riot Platforms.
Additionally, Elon Musk’s SpaceX owns 8,285 BTC, worth approximately $560 million, making the company the seventh-largest Bitcoin holder among private companies.
That said, in Q3 2024 earnings report released on October 23, Tesla announced that it has maintained its investments in digital assets, with no revenue from its crypto holdings of $184 million during the quarter.
This is the fifth consecutive quarter without crypto sales.
As expected, the company reported third-quarter revenue of more than $25.18 billion, down slightly from approximately $25.5 billion in the second quarter.
However, Tesla’s net income rose to approximately $2.18 billion, reflecting a notable increase over the previous quarter’s net income of approximately $1.5 billion.
Other institutional players and their positions
However, while Tesla’s BTC shares have held steady, Michael Saylor’s MicroStrategy has stood out by outperforming notable tech giants including Nvidia, Tesla and Microsoft in July.
By September, MicroStrategy had further consolidated its position in the market, eclipsing heavyweights such as Apple, Microsoft, NVIDIA and Amazon.
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 CoinMarketCapBTC is trading at $67,371.08, reflecting an increase of 1.68% in the past 24 hours.