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After the news from a few days ago regarding the movement of all the Bitcoins contained in Tesla’s wallets, some apprehension had spread due to the possibility that the company might intend to sell them.
In total, there are 11,500 BTC, so a sudden sale of them could have negative effects on the price, also due to the public image of the company and its CEO Elon Musk.
Summary
Tesla’s Q3 and the Declared Bitcoin: the Latest News
On the official website of Tesla dedicated to investors, the economic/financial data related to the third quarter of 2024, concluded on September 30, have been published.
From this data, it emerges that the company still holds all the BTC it had at the beginning of the year.
So until September 30, it is certain that Tesla has not sold Bitcoin.
The Tesla quarterly report also revealed very good earnings data, and this has brought it back into the spotlight.
After a period of not particularly good performance, the third quarter ended with a profit increase of 17% to 2.2 billion dollars, well above analysts’ expectations. Revenue also increased by 8%, but less than expected.
The Tesla (TSLA) stock on the Stock Exchange
At the end of September, the price of Tesla shares was about $261.
Since then it has fallen, first below $240, and then starting from October 11 also below $220.
Furthermore, on Monday it also dropped to $215, and since then it has continued to drop in the following days to the current $213.
It must be said, however, that after the small drop on October 11, the trend of Tesla’s stock price has practically followed that of the S&P500 index, especially in the last few days.
Starting from Tuesday the 22nd, two days ago, the Dollar Index rose very quickly from 104.0 to 104.4 points, with a peak yesterday even at 104.5.
Simultaneously, the S&P500 index lost almost 1%, and Tesla shares lost 2%.
Yesterday at the opening of the session, the TSLA stock recorded a +0.4% at the opening, but during the rest of the session, it continued to fall along with the rest of the USA markets.
Note that the current price is well below the $250 at the beginning of the year, but much higher than the annual lows of $140 in April.
Crypto news: The Bitcoin detenuti da Tesla
Regarding the October movements of all the BTC held by Tesla, Arkham Intelligence, which detected them first, later revealed that they were merely internal movements.
In other words, the company discovered that the destination wallets to which all of Tesla’s Bitcoin had been sent practically in a single day actually belonged to the same company.
It was therefore only a technical restructuring of the company’s crypto wallet, which changed provider regarding custody.
Currently, the 11,500 BTC owned by Tesla have a total value in dollars exceeding 770 million, and it does not seem that the company intends to sell them.
It should be remembered that in the USA there is a full electoral campaign for the presidential elections, and Elon Musk is practically acting as the right-hand man to Donald Trump.
Trump and Musk are presenting themselves to voters as champions of the crypto sector, so it is extremely unlikely that Tesla could sell its Bitcoin right now.
Furthermore, it is possible that a bullrun may begin around the time of the US presidential elections, therefore it is even more unlikely that Tesla would decide to get rid of its BTC right now, especially if profits are increasing.
The bull market of electric cars
Tesla produces and sells electric cars.
The electric car market seems a bit in crisis, on a global level, and this certainly does not help the American company.
The difficulties of 2024 are clearly visible in the stock market, with the stock starting the year at $250 and then four months later finding itself at $140.
Such problems, however, seem to have eased in the second half of the year, so much so that the price of Tesla shares has somewhat recovered, even though it has not yet returned to the levels of the end of 2023.
On one hand, the competition from Chinese car manufacturers weighs heavily, thanks to significantly lower production and sales costs.
On the other hand, it still weighs heavily, especially in some countries and in certain areas, the difficulties in the supply of electricity for cars that do not also have a hydrocarbon engine.
In other words, it is a market that does not take off, and within which the role of Chinese producers is becoming increasingly strong.