In Q2, Tesla Sold Over 75% of all Bitcoin Holdings, Totalling $936m
In its earnings report, the renowned American electric automotive company Telsa shared that it sold 75% of its Bitcoin holdings in Q2 of 2022. This decision resulted in over $936 million changing hands as Tesla works to stay ahead of the curve regarding Bitcoin's turbulent price fluctuations.
Elon Musk stated, "we sold a bunch of our bitcoin holdings because we were uncertain when the Covid lockdowns in China would alleviate, so it was important for us to maximize our cash position. This should not be taken as some verdict on bitcoin. Tesla is open to increasing its crypto holdings in the future."
By the end of the second quarter, Tesla had gone from $2 billion in Bitcoin holdings for the previous three quarters down to $218 million. However, the company did not share what price they sold Bitcoin when cashing in their tokens. The cryptocurrency began in 2022 at $46,000 and is now below $19,000.
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