Tesla Sold 75% of its Bitcoin Holdings.
The electric car maker turned 75% of its available BTC into fiat ($936 million), the company announced during its earnings call on Wednesday.
On May 15th Bloomberg reported that Musk may have mentioned that the company had or was planning to sell it’s BTC.
Elon Musk implied in a Twitter exchange on Sunday that Tesla may sell or has sold its Bitcoin holdings https://t.co/so2SsfR2Hs
— Bloomberg (@business) May 16, 2021
“The conversion in the second quarter added $936 million of cash to our balance sheet.”
After the sale, the firm held about $218 million in crypto.
At the time of writing Bitcoin was trading around $23,060, peaking today at $24,196 according to data from CoinMarketCap.
At the end of the second quarter, Tesla held only about $218 million worth of cryptocurrencies, according to its second-quarter report.
In February 2021, it purchased $1.5 billion worth of Bitcoin – before the largest crypto by market cap reached new highs. Shortly thereafter, it sold a small portion of its holdings.
In May 2021, the company stopped accepting Bitcoin as a payment method due to environmental concerns. In February of this year, Tesla announced that it held approximately $1.99 billion worth of BTC at the end of 2021.