Tesla released its third quarter 2024 earnings report on October 23, revealing that the company did not sell any of its $184 million in digital asset investments during the quarter, and has also not sold any cryptocurrency for the past five consecutive business quarters.
Despite a slightly lower revenue of $25.18 billion compared to the previous quarter’s $25.5 billion, Tesla saw a sharp increase in net income from approximately $1.5 billion in Q2 to $2.18 billion in Q3, according to their financial statements.
The company first caught the attention of crypto investors in 2021 when it announced its purchase of $1.5 billion worth of Bitcoin.
Since then, Tesla and other publicly traded companies holding digital assets have been closely monitored by market participants, who use their actions as indicators of institutional interest and potential selling pressures that could impact the market.
