Tesla shocks the market after disclosing the sale of 75% of its Bitcoin holdings, worth nearly $1 billion, during Q2.
"As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency," TeslaAccording to the financial statements, Tesla's net Bitcoin holdings were relatively stable for three consecutive quarters. By the end of March, Tesla had $1.261 billion worth of digital assets on its books. Following the liquidation, the firm now has $218 million in digital asset exposure.
As Cointelegraph reported, the electric vehicle maker sold a portion of its BTC reserves in March 2021, . At the time, CEO Elon Musk explained that the sale, which amounted to 10% of Tesla's holdings, was to"prove liquidity of Bitcoin as an alternative to holding cash on balance sheet."
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