Breaking: Tesla sold 75% of Bitcoin holdings in Q2
Elon Musk's electric vehicle maker has unloaded most of its BTC reserves, according to financial statements released Wednesday.
Recent news
Electric vehicle maker Tesla sold most of its Bitcoin (BTC) holdings in the second quarter, according to new financial information released Wednesday.
“At the end of the second quarter, we converted approximately 75% of our bitcoin purchases into fiat currency,” Tesla said in its quarterly report. "Second quarter conversions added $936 million of cash to our balance sheet."
According to the financial statements, Tesla's net bitcoin holdings have been relatively stable for three consecutive quarters. At the end of March, Tesla had $1.261 billion in digital assets on its books. After liquidation, the company now has $218 million in digital asset exposure.
As Cointelegraph reported, the electric vehicle maker sold some of its BTC reserves in March 2021, making a net profit of $128 million. At the time, CEO Elon Musk explained that the sale, which amounted to 10% of Tesla's holdings, was to "prove Bitcoin's liquidity as an alternative to holding cash on the balance sheet".
Related: Dogecoin misses bullish target after Elon Musk snubbed Twitter – What's next for DOGE price?
Just two months prior, in January, Tesla became one of the largest bitcoin holding companies after acquiring $1.5 billion worth of BTC. The purchase was
Elon Musk's electric vehicle maker has unloaded most of its BTC reserves, according to financial statements released Wednesday.
Recent news
Electric vehicle maker Tesla sold most of its Bitcoin (BTC) holdings in the second quarter, according to new financial information released Wednesday.
“At the end of the second quarter, we converted approximately 75% of our bitcoin purchases into fiat currency,” Tesla said in its quarterly report. "Second quarter conversions added $936 million of cash to our balance sheet."
According to the financial statements, Tesla's net bitcoin holdings have been relatively stable for three consecutive quarters. At the end of March, Tesla had $1.261 billion in digital assets on its books. After liquidation, the company now has $218 million in digital asset exposure.
As Cointelegraph reported, the electric vehicle maker sold some of its BTC reserves in March 2021, making a net profit of $128 million. At the time, CEO Elon Musk explained that the sale, which amounted to 10% of Tesla's holdings, was to "prove Bitcoin's liquidity as an alternative to holding cash on the balance sheet".
Related: Dogecoin misses bullish target after Elon Musk snubbed Twitter – What's next for DOGE price?
Just two months prior, in January, Tesla became one of the largest bitcoin holding companies after acquiring $1.5 billion worth of BTC. The purchase was
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