Tesla sold 75% of its bitcoin holdings

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In Tesla’s latest earnings report, released Wednesday, the company revealed it has sold the majority of its bitcoin: “We have converted roughly 75% of our Bitcoin purchases into fiat currency. Conversions added $936 million to our balance sheet in the second quarter.”

Tesla’s $1.5 billion bitcoin purchase, revealed in an SEC filing in February 2021, contributed to the cryptocurrency market’s euphoria, causing bitcoin’s price to skyrocket from around $20,000 in December 2020 to $60,000 in March 2021. Tesla’s bitcoin reserves reached a high of $2 billion at one point. Tesla purchased bitcoin to “provide us with more flexibility to further diversify and maximise returns on our cash,” according to the company’s 2021 SEC filing.

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Tesla sold 75% of its bitcoin holdings

In Tesla’s latest earnings report, released Wednesday, the company revealed it has sold the majority of its bitcoin: “We have converted roughly 75% of our Bitcoin purchases into fiat currency. Conversions added $936 million to our balance sheet in the second quarter.”

Tesla’s $1.5 billion bitcoin purchase, revealed in an SEC filing in February 2021, contributed to the cryptocurrency market’s euphoria, causing bitcoin’s price to skyrocket from around $20,000 in December 2020 to $60,000 in March 2021. Tesla’s bitcoin reserves reached a high of $2 billion at one point. Tesla purchased bitcoin to “provide us with more flexibility to further diversify and maximise returns on our cash,” according to the company’s 2021 SEC filing.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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