Tesla Sold $936M Worth of Bitcoin in Second Quarter
Elon Musk’s car company has bid farewell to 75% of its Bitcoin holdings, as stated in Tesla’s Q2 report.
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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.
as noted in the report.
Prior to converting bitcoin into fiat currency, Tesla owned about 43,000 bitcoin. In February of 2021, Musk’s company purchased bitcoin that amounted to $1.5 billion and later sold one-tenth of the overall amount, which was the company’s last crypto transaction. After that purchase, Tesla was amongst the biggest corporate holders of Bitcoin. In the report, it was also noted that Tesla had per-share earnings of $2.27 upon a revenue of $16.93 billion.
Earlier we wrote that in Q1 Tesla retained its digital assets. Back then, CEO Elon Musk stated that “having some bitcoin is a slightly less stupid form of liquidity than cash”.
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