Key Points
- Tesla’s Q3 report confirms the company still holds 11,509 Bitcoin, valued at approximately $765 million.
- MicroStrategy has outperformed tech giants, and Bitcoin ETFs could potentially surpass Satoshi Nakamoto’s holdings.
Tesla’s recent Q3 earnings report dispelled rumors about its Bitcoin holdings. The report confirmed that the company has maintained its Bitcoin position throughout the year.
Tesla’s Bitcoin Holdings
Earlier, there were speculations when Tesla transferred nearly all of its Bitcoin stash, worth around $760 million, to unknown wallets. This move had led to concerns about possible sell-offs. However, Tesla’s Q3 report clarified that it still holds 11,509 Bitcoin, valued at approximately $765 million.
Tesla ranks as the fourth-largest Bitcoin holder among publicly traded companies in the US. It follows industry leaders MicroStrategy, Marathon Digital Holdings, and Riot Platforms. Elon Musk’s SpaceX also holds 8,285 Bitcoin, valued at about $560 million, making it the seventh-largest Bitcoin holder among private companies.
No Crypto Sales in Q3
In the Q3 2024 earnings report, Tesla disclosed that it did not sell any of its $184 million crypto holdings during the quarter. This is the fifth consecutive quarter without any crypto sales. The company reported a revenue exceeding $25.18 billion for the third quarter.
While Tesla’s Bitcoin holdings remained steady, Michael Saylor’s MicroStrategy outperformed tech giants like Nvidia, Tesla, and Microsoft. By September, MicroStrategy had further solidified its position in the market, even surpassing heavyweights like Apple, Microsoft, NVIDIA, and Amazon.
In a striking prediction, Eric Balchunas, a leading ETF analyst at Bloomberg, suggested that Bitcoin ETFs might surpass Satoshi Nakamoto as the largest holders of Bitcoin by Christmas. Currently, Bitcoin is trading at $67,371.08, showing a 1.68% increase over the past 24 hours.
