Tesla has sold 75% of its Bitcoin holdings. Tesla sold Bitcoin at a time when the cryptocurrency was at a record low for the month and had dropped more than 50% since October of the previous year.
Tesla, the Elon Musk-owned electric vehicle manufacturer, announced in a statement that it has sold a sizable portion of its Bitcoin assets. In its financial report for the second quarter, the business revealed that it had sold 75% of its Bitcoin holdings, a move that contributed to the rise of the world's largest cryptocurrency by market cap.
According to a shareholder letter Tesla released on Wednesday as part of its quarterly results report, “As of the end of Q2, we have converted approximately 75 per cent of our Bitcoin purchases into fiat currency.” According to the statement, “Conversions in Q2 added $936M of cash to our balance sheet.”
According to Tesla's balance statement, it has net digital assets worth $218 million, a decrease from the $1.26 billion reported in t...