Tesla (TSLA), one of the leading automotive and clean energy companies owned by Elon Musk, announced today that none of their $763,120,000 in Bitcoin was sold in Q3 2024. The company did not buy or sell any of its Bitcoin, according to its Q3 earnings report.
While the company didn’t sell any of its BTC holdings, Tesla did make news with a significant Bitcoin transaction in Q3. Indeed, for the first time in two years, Elon Musk’s Tesla transferred all of its $760 million worth of Bitcoin assets from its public wallet. According to Arkham Intelligence data revealed last Wednesday, the firm carried out multiple transactions to move its holdings out of its existing wallet.
Tesla transferred $75.18 million, $76.08 million, and $77.16 million in the first three significant transactions. This reportedly happened in quick succession. While the firm sent $76.08 million and $77.16 million to the same anonymous wallet, Tesla transferred $75.18 million to another unidentified wallet. Despite the chain of moves, none of the Bitcoin was sold or exchanged for stablecoins or other cryptocurrencies.
Tesla continues to cling to its substantial Bitcoin investment, even amid ongoing price turbulence for the largest cryptocurrency. It last reduced its holdings in Q2 2022 after liquidating 75%, or roughly $936 million worth of BTC. The company’s recent Bitcoin transfer did impact the asset’s price, causing it to surge to $67,0000 shortly after the transaction.
Also Read: Will Bitcoin (BTC) Hit $100K In 2025?
In addition, Elon Musk’s SpaceX also owns a notable Bitcoin stash estimated to be worth $560 million. Both of the billionaire’s firms own a combined 19,788 BTC, which is worth about $1.30 billion.
Bitcoin: What Is The Future For Tesla’s BTC Holdings?
Many analysts anticipate a market rally after the US elections, led by Bitcoin. Standard Chartered anticipates Bitcoin (BTC) to go over $125,000 if Donald Trump emerges as the presidential electee. Hitting $125,000 from current price levels will result in a rally of about 86.4%.
CoinCodex analysts also paint a bullish picture for BTC. The platform anticipates the asset hitting a new all-time high later this month and eventually breaching the $90,000 level in November. CoinCodex predicts BTC will trade at $91,764 on Nov. 21, 2024. Hitting $91,764 from current price levels will translate to a rally of about 36.8%.