Tesla keeps $765M in Bitcoin intact as Q3 earnings reveal strong profit margins
Key Takeaways
- Tesla retains 11,509 BTC valued at approximately $765 million during its Q3 2024 earnings call.
- Tesla’s Q3 earnings showed a 19.8% gross margin, exceeding expectations and improving over previous quarters.
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Tesla has released its third-quarter earnings report, showcasing solid financial performance while maintaining its substantial Bitcoin holdings.
Analysts and investors had been particularly focused on the company’s profit margins and whether Tesla would make any changes to its Bitcoin strategy following recent wallet movements. Despite speculation, Tesla confirmed that its Bitcoin holdings remain unchanged.
Tesla continues to hold 11,509 BTC, valued at approximately $765 million, as of the third quarter. This follows a week of significant Bitcoin wallet movements, which led to speculation that Tesla might sell or move assets to a custodian.
Tesla’s third-quarter earnings report delivered several surprises, surpassing many analysts’ expectations. The company reported a gross margin of 19.8% and an improvement from the second quarter’s 18.0%.
However, Tesla’s revenue for the quarter came in at $25.18 billion, slightly lower than the estimated $25.43 billion. Nevertheless, this represents an 8% increase year-over-year, underscoring the company’s strong global sales performance.
Earlier this month, Tesla’s “We, Robot” event generated significant hype with the unveiling of its driverless Cybercab and other autonomous technologies. However, despite the excitement, investors and analysts have turned their focus back to Tesla’s core auto business.
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