Electric Car maker Tesla sold most of its Bitcoin (BTC) holdings in the second quarter, according to a new financial report published on July 20.
According to data, the company held 43,200 Bitcoins before this sale. A sell-off of about 75% means that they sold around 32,400 BTC.
“At the end of the second quarter, we converted about 75% of the bitcoins we purchased into fiat currency. The second quarter conversion added $936 million of cash to our balance sheet.” – says the report.
Tesla’s net digital asset holdings have been relatively stable for three consecutive quarters. By March, Tesla’s digital assets were $1.261 billion. After liquidation, the company had digital assets worth $218 million.
As a reminder, the electric car manufacturer sold about 10% of BTC in March 2021, earning a net profit of $128 million.
In the Spring, CEO Elon Musk explained that the sale, which amounted to 10% of Tesla’s assets, was to “prove the liquidity of Bitcoins as an alternative to keeping funds on the balance sheet.”