Elon Musk’s Tesla sells 75% of its Bitcoin Holdings by Q2 end

Second quarter updates have been announced recently and it is revealed by Tesla, the electric car manufacturer that it has sold 75% of its Bitcoin holdings. The update stated that:

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

At the beginning of 2021, Tesla announced that it has purchased $1.5 billion of bitcoin and the company will now accept BTC as payment. In Q1, 2021, seems the company didn’t get adjusted to the bitcoin payments and sold $272 million of its bitcoins at a profit. At that time, given Musk has given the reason behind this move that it is done to

“Prove the asset’s liquidity and viability as an alternative to cash on its balance sheet.”

After this, the company stopped accepting bitcoins as payments for its electronic cars due to energy concerns. Musk stated that

“When there’s confirmation of reasonable (~50%) clean energy usage by miners with the positive future trend, Tesla will resume allowing Bitcoin transactions.”

At the start of the second quarter, it was reported that the company had a total of 42,000 Bitcoins but it sold a majority of the bitcoins at an average price of $29,000. The company has not told about the reasons behind this action but seems as the economy is deteriorating day by day, and bitcoin trading has also got affected a lot. Many companies and individuals sold their BTC stock to reduce the loss. Plus Telsa was already selling the bitcoins as the payment was not suiting them. The recent selling of bitcoins can be in reference to that energy reason as told by Musk before.

Also Read: Tesla Fremont Factory Produces Its 2 Millionth Electric Car

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Fizza Atique

Fizza Atique is a Tech writer specializing in the intersection of tech and culture. She likes photography, VR, electronic music, coffee, and baking.

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