Tesla sold 75% of its Bitcoin holdings

By the end of the second quarter of 2022, the electric-car maker Tesla had converted about 75% of its own bitcoins into cash, generating $936 million. The data come from the company’s report.

As stated by Tesla CEO Elon Musk on a conference call, the sale of the cryptocurrency was driven by the need to increase liquidity during anti-COVID restrictions in China.

At the same time, the company did not sell a single Dogecoin, the entrepreneur noted. Earlier he said that will continue to support the coin, despite the market correction.

Musk also stressed that Tesla remains open to future investments in Bitcoin.

The company posted total quarterly earnings of $16.93 billion.

According to Yahoo Finance, at the time of writing Tesla (TSLA) shares were trading at around $742. The price of Bitcoin had fallen below $22,900.

In February last year, it emerged that Tesla invested $1.5 billion in Bitcoin. Elon Musk himself called these investments «quite risky».

In April 2021, Tesla sold part of its holdings in the leading cryptocurrency for $272 million.

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