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Tesla sells 75% of its bitcoin holdings in Q2
- Bitcoin
Source: Unsplash.com
The electric car manufacturer Tesla announced its new quarterly earnings. Tesla’s published documents show that Elon Musk’s company sold 75 percent of its Bitcoin holdings.
Tesla adds $936 to its balance sheet
The electric car manufacturer caused a buzz in the global cryptocurrency community with the announcement of its latest quarterly results. The Q2 quarterly report reads as follows:
As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency. Conversions in Q2 added $936M of cash to our balance sheet.
Since the end of September 2021, Tesla still carried about $1.2 billion in digital assets (predominantly Bitcoin) on its balance sheet. Due to the recent Bitcoin sale, this value has now dropped to about 220 million U.S. dollars.
JUST IN: #Tesla sold its #Bitcoin holdings due to uncertainty around #China lockdowns, says Elon Musk.
— BTCATH (@btcathcom) July 20, 2022
However, Tesla also announced that it remains open to increasing its Bitcoin positions again in the future.
Disclaimer
This article does not provide investment advice. Historical cryptocurrency data is not a guarantee of future market developments. The author may hold several of the cryptocurrencies mentioned in this article.
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