The company has $184 million in Bitcoin within its reserves. In July of last year, he sold 75% of these funds, that is, about 30,000 BTC for US$936 million.
Tesla presented balance sheet: its holding in Bitcoin remains intact
The electric car manufacturer led by Elon Musk, Tesla, reached its third consecutive quarter without changes in its Bitcoin balance sheet. The net value of Tesla’s digital assets remains at about $184 million.
Tesla invested about US$1.5 billion at the beginning of 2021 to buy Bitcoin, but In July of last year he revealed that he sold 75% of those funds, that is, about 30,000 BTC for US$936 million.
Musk’s explanation for why, at the time, he parted with the funds was the uncertainty caused by the post-pandemic, as well as China’s banswhich forced him to sell with the intention of “maximizing cash positions.”
“At the end of the second quarter, we converted approximately 75% of our Bitcoin purchases into fiat currency,” Tesla said in a letter to shareholders, as part of the earnings report. “Conversions in the second quarter added US$936 million of cash on our balance sheet“.
Additionally, as of late 2021, Tesla stopped accepting bitcoin as currency. payment for your cars and claimed to be concerned about the climate impact of energy-intensive cryptocurrency mining.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
