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Tesla's Q3 2024 financial filings revealed the company did not sell any of its $184 million in Bitcoin holdings, marking five consecutive quarters without selling crypto. The company's revenue slightly decreased to $25.18 billion, compared to $25.5 billion in Q2, while net income rose to $2.18 billion from $1.5 billion. Despite this, Tesla's stock dropped 8% following the recent reveal of its self-driving Robotaxi. Onchain data from Arkham Intelligence also indicated Tesla holds around 11,509 BTC, valued at approximately $750 million.
TeraWulf Plans to Raise $350M in Convertible Notes for Share Buyback
TeraWulf, a Bitcoin mining company focused on zero-carbon energy solutions, announced a $350 million private offering of convertible senior notes due 2030, aimed at institutional investors. The funds will support capital structure improvements, share repurchases, and corporate objectives. The convertible notes, set to mature in 2030 with semi-annual interest, offer an option for investors to convert debt into common stock under certain conditions. This follows TeraWulf’s recent growth efforts, including launching a new mining facility and exploring AI and computing ventures. Proceeds will also mitigate stock dilution and support future expansion.
Japan Delays Crypto ETF Approvals, Upholds Strict Tax and Regulatory Policies
Japan remains cautious about approving cryptocurrency exchange-traded funds (ETFs), despite growing global adoption, as strict tax policies and regulatory concerns slow progress. While markets in the U.S. and Hong Kong have embraced spot Bitcoin and Ether ETFs, Japan's Financial Services Agency (FSA) remains wary of crypto's volatility. Additionally, Japan’s tax policy, which imposes up to a 55% tax rate on crypto gains compared to 20% for traditional ETFs, presents a significant hurdle. Despite these challenges, Japanese firms like Metaplanet continue to accumulate Bitcoin, reflecting strong local interest in digital assets.
Trading Desk Insights
Bitcoin has experienced a significant resurgence, escalating from $65,200 to nearly $68,000 in just yesterday afternoon, marking a notable 4.5% increase. The count of whale accounts, holding a minimum of 1,000 BTC, has surged to a historic peak of 1,678 this week, the highest since January 2021. The BTC dominance ratio, a critical indicator of market sentiment, is verging on 59%, reaffirming Bitcoin's sovereignty in a volatile market. However, any retracement in this ratio could signal a potential shift towards altcoins. Meanwhile, Ethereum has been ceding ground to Bitcoin and other alternatives as it reaches another yearly low on ETHBTC. Solana, along with its associated tokens and meme coins, dominated the market's gains on Thursday, while Bitcoin maintained stability. SOL's recent peak exemplifies the market's preference for Solana over Ethereum, buoyed by vibrant trading within its ecosystem and a preference for smaller-cap tokens.
Gold has witnessed a remarkable rally, with inflows exceeding 1 million ounces into ETFs over the last seven days—the most substantial since October 2022. This surge in gold investment is sparking discussions about renewed inflationary pressures, with the market participants awaiting a consolidation in gold's rally before committing heavily to riskier assets.
In the realm of crypto ETFs, Bitcoin-focused funds drew $192.4 million in inflows, predominantly spearheaded by a substantial $317.5 million from Blackrock. Contrastingly, Ethereum's performance remains lackluster, with modest inflows of $1.2 million despite a higher trade volume of $172.5 million.
The Federal Reserve's recent Beige Book offered a tepid economic outlook, capturing the market's focus and reinforcing expectations of an impending 25 basis point rate cut in November.
On Wall Street, the S&P 500 rebounded on Thursday following three consecutive losses, despite a nearly 1% drop over the week. With over a third of the S&P 500 companies having reported their third-quarter results, 76% have surpassed analyst forecasts, injecting a cautious optimism into the market's trajectory.
Crypto Charts
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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