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In Q2 2022, Tesla Sold 75% Of Its BTC Holdings

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.”