Finst

Tesla has sold 75% of its Bitcoins (BTC)

The electric-car maker disclosed its latest quarterly results.

By Zenz van der Wielen
• 1 min read
Tesla has sold 75% of its Bitcoins (BTC)

Tesla released its latest quarterly results. Some of the balance sheet, however, affected the average Bitcoin investor.

The electric-car maker caused a stir in the crypto community with the announcement of its latest quarterly results. Tesla's documents show that Elon Musk's company sold 75% of its Bitcoin holdings.

"Since the end of Q2, we've converted about 75% of our Bitcoin purchases into fiat currency," reads the official document from Tesla. "The conversions in Q2 added $936 million in cash to our balance sheet."

In previous quarters, the automaker was tracing a nearly steady path when it came to its Bitcoin holdings.

Since the end of September 2021, Tesla had roughly $1.2 billion in digital assets on its balance sheet. With the sale of Bitcoin, that value has fallen to $218 million.

Tesla nearly doubled its profit versus the same period a year earlier (about 98%), to around $2.3 billion. However, the sale was lower than expected. The company cites "limited production and downtime in Shanghai" due to local lockdowns.

Tesla had already pulled in more than $100 million last March by selling a portion of its BTC. Even then, Musk faced backlash from the crypto community.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.