Tesla has confirmed that it continues to hold its Bitcoin assets, putting an end to the circulating rumors. The company’s third-quarter performance exceeded expectations, contributing to a 12% surge in its stock value.
Bitcoin Holdings Confirmed Amid Speculation
Tesla’s confirmation that it still holds its Bitcoin assets brings clarity to rumors that had been swirling around the crypto community. Speculation had been triggered by a series of transfers detected by Arkham Intelligence, which appeared to show unknown wallets moving large amounts of Bitcoin, leading some to believe that Tesla had sold its Bitcoin. However, it was later clarified that these transfers were simply wallet rotations, with no actual sales involved.
Tesla shares (TSLA) rose by over 12% in pre-market trading following the company’s third-quarter earnings report, which outperformed expectations. CEO Elon Musk stated, “Despite a challenging automotive market, Tesla’s profitability is a significant achievement. This quarter has been a record period for our company.” Tesla is preparing to launch new vehicle models in the first half of 2025. Additionally, Musk revealed that the company is testing a vehicle summon service for employees in San Francisco. “You can request a car through the app, and while we still need a safety driver for now, we plan to roll out full autonomous service soon,” Musk added. This service is expected to be available to the public in California and Texas in 2024.
Tesla’s Long-Term Growth Strategy and Autonomous Driving
Tesla’s continued commitment to its Bitcoin holdings highlights the company’s strategic focus. The speculation sparked by the Arkham Intelligence findings was quickly dispelled when Tesla clarified that no Bitcoin sales had taken place. The wallet transfers were simply part of routine internal management, with no impact on the company’s cryptocurrency position.
Musk’s comments about future growth focused heavily on Tesla’s plans for autonomous driving services, with significant implications for the company’s long-term success. If these services become widely available, Tesla could strengthen its leadership not only in electric vehicles but also in mobility solutions. Musk hinted at a broader rollout of these services by 2024.
At the time of writing, BTC was trading at $67,363.71, up 0.3%, with a 24-hour range of $65,161.83 to $67,538.30. The total market capitalization of Bitcoin stood at $1.33 trillion, with a 24-hour trading volume of $38.61 billion.
As Tesla continues its ambitious plans for autonomous vehicles, the success of these services could be a game changer, cementing Tesla’s dominance in both electric vehicles and the future of transportation.
