Tesla Inc. has maintained its Bitcoin holdings for yet another quarter, revealing a second consecutive paper profit from its cryptocurrency investments. As of September 30, Tesla reported $1.315 billion in digital assets, reflecting a growth of over 6% from the previous quarter.
Despite this increase, the company’s paper profits from these cryptocurrency holdings have experienced a significant downturn. Tesla’s paper profits stood at $80 million for the quarter, a stark decrease from the $284 million recorded in the second quarter of the year. While Tesla does not provide a detailed breakdown of its cryptocurrency investments, Arkham Intelligence, an on-chain analytics firm, indicates that its entire digital asset portfolio consists of Bitcoin. The company’s stash of 11,509 BTC has remained unchanged from the last quarter.
During the third quarter, Bitcoin itself saw a rise of 6.31%, aligning with the overall growth of Tesla’s digital assets. The company originally entered the cryptocurrency market in January 2021 with a substantial purchase of $1.5 billion in Bitcoin. Tesla had also previously accepted Bitcoin as a payment method for vehicle sales but halted this practice due to concerns regarding the environmental impact of Bitcoin mining.
In its latest earnings report, Tesla indicated a revenue exceedance relative to consensus estimates, although it fell short of earnings expectations. As of the latest figures, Bitcoin was trading at $2.97, marking a 3.85% increase over the last 24 hours. Meanwhile, shares of Tesla have seen a decline of 3.18% in after-hours trading, following a modest increase of 0.82% to close at $438.97 during the regular trading session. In terms of stock performance, Tesla’s momentum remains strong, earning a score of 92.39 out of 100 in Benzinga’s proprietary Edge Rankings.
