July 21, 2022

Tesla sold 75% of their Bitcoin

Elon Mask BTC

Tesla earning reports reveals they sold 75% of their Bitcoin worth $936 million. Bitcoin's depreciation impacted the company's earnings in the second quarter. Tesla converted about 75% of its bitcoins into fiat currency, which added $936 million to its balance sheet. Loss on Bitcoin sales was 9%.

Tesla invested $1.5 billion in bitcoin in February 2021. In March of the same year, Elon Musk announced the start of car sales for bitcoins in the USA, but later changed his mind.

Elon Musk on the conference call explained that the sale was needed to increase liquidity amid anti-covid restrictions in China. At the same time Tesla did not sell any Dogecoin.

Elon Musk says Tesla is "certainly open to increasing our Bitcoin holdings in the future."

Following Tesla’s earnings announcement, Bitcoin has plunged below the $23,000 mark again, after registering gains for three consecutive days. At the time of writing, it was trading at $22,827.

btc rate

MicroStrategy Founder & CEO Michael Saylor in Twitter publicly condemned Tesla's sale of Bitcoin. He wrote: “If you sell 75% of your bitcoin, you will only have 25% of your #bitcoin left”.

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Jack Evans

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About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

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