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BREAKING: Tesla Sells Most of Its Bitcoin Holdings

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Wed, 20/07/2022 - 20:13
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

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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%. 

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