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BREAKING: Tesla Sells Most of Its Bitcoin Holdings

Wed, 07/20/2022 - 20:13
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Alex Dovbnya
Tesla has dumped the vast majority of its Bitcoin holdings, adding $936 million to its cash reserves
BREAKING: Tesla Sells Most of Its Bitcoin Holdings
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Leading e-car manufacturer Tesla has converted 75% of its Bitcoin holdings into fiat, the company announced during its Wednesday earnings calls. 

Tesla held only roughly $218 million worth of crypto at the end of the second quarter, according to its Q2 report

BTC
Image by tesla.com

The popular e-car maker announced that it had purchased $1.5 billion worth of Bitcoin in February 2021, pushing the price of the top cryptocurrency to new highs. Shortly after that, it sold a small portion of its holdings to test Bitcoin's liquidity.

In May 2021, the Elon Musk-helmed company stopped accepting Bitcoin as a payment method due to environmental concerns. 

This February, Tesla reported that it had held roughly $1.99 billion worth of Bitcoin at the end of 2021. 

The largest cryptocurrency is trading slightly above the $23,000 level following the announcement, dropping roughly 3%. 

BTC
Image by tradingview.com

  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.