Today it was announced in a Q2 update by Tesla that the electric car maker had sold 75% of its bitcoin holdings.
“At the end of the second quarter, we converted approximately 75% of our Bitcoin purchases into fiat currency,” the update said. “Second quarter conversions added $936 million of cash to our balance sheet.”
Tesla held around 42,000 BTC in total at the start of the second quarter and sold the majority of bitcoin at an average price of around $29,000.
February 8, 2021 Tesla announcement that he bought $1.5 billion in bitcoins and started accepting BTC as payment. Later in the first quarter of 2021, the company sold $272 million of its bitcoin at a profit, with Elon Musk saying the reason was to prove the asset’s liquidity and viability as an alternative to cash on its balance sheet.
Tesla later stopped accepting bitcoin payments due to energy issues, but Musk said “when there is confirmation of reasonable (~50%) clean energy use by miners with a positive future trend, Tesla will start again to allow bitcoin transactions.”