Breaking: Tesla sold 75% of Bitcoin holdings in Q2

Elon Musk’s electric vehicle maker has offloaded most of its BTC reserves, according to financial statements released on Wednesday.

Electric vehicle maker Tesla sold most of its Bitcoin (BTC) holdings in the second quarter, according to new financial disclosures released on Wednesday.

“As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency,” Tesla said in its quarterly statement. “Conversions in Q2 added $936M of cash to our balance sheet.”

According to the financial statements, Tesla’s net digital asset holdings were relatively stable for three consecutive quarters. By the end of March, Tesla had $1.261 billion worth of digital assets on its books. Following the liquidation, the firm now has $218 million worth of digital assets.

As Cointelegraph reported, the electric vehicle maker sold a portion of its BTC reserves in March 2021, realizing a net profit of $128 million. 

This story is still in development. 

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