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
“As of the end of the second quarter, we have converted approximately 75% of our Bitcoin purchases into fiat currency,” Tesla said in its quarterly report.
“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.
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
