Tesla Inc. (NASDAQ:TSLA) kept its Bitcoin (CRYPTO: BTC) intact through the first quarter, while reporting significant paper gains on the stash.
Tesla Reports Unrealized Profit
Tesla reported $962 million in digital assets on its balance sheet, up 42% quarter-over-quarter
The Elon Musk-led mobility giant reported paper gains of $288 million on its cryptocurrency holdings, snapping a three-quarter streak of paper losses.
Tesla reports its crypto holdings under the broad line item "digital assets" rather than disclosing a complete breakdown by asset.However, on-chain analytics firm Arkham Intelligence reports that its stockpile consists solely of Bitcoin, totaling 11,509 BTC, unchanged from several quarters.
At BTC’s closing price of $83,553.85 on Sept. 30, the total value was in line with Tesla’s reported digital asset holdings.
Tesla Shares Drop
Tesla is now the eleventh-largest corporate hoarder of Bitcoin, ahead of companies such as Block. Inc. (NYSE:XYZ) and Riot Platforms Inc. (NASDAQ:RIOT), according to BitcoinTreasuries.net.
Notably, Space Exploration Technologies Corp. (NASDAQ:SPCX) also held on its Bitcoin stash through the third-quarter.
Tesla reported third-quarter total revenue of $28.05 billion, flat from the prior year’s third quarter. The company reported adjusted earnings of 48 cents per share, beating a Street consensus estimate of 43 cents per share.
Price Action: As of this writing, BTC is up 0.20% in the last 24 hours to $82,859, according to Benzinga Pro.
Tesla shares fell 3.72% in after-hours trading. The stock closed 3.41% higher at $386.47 during Wednesday’s regular trading session.
Benzinga’s Edge Stock Rankings indicate that TSLA maintains a favorable price trend in the short and medium terms, though its long-term trend remains weaker.
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