Electric vehicle maker Tesla sold most of its Bitcoin (BTC) holdings in the second quarter, according to new financial disclosures released on Wednesday.
“As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency,” Tesla said in its quarterly statement. “Conversions in Q2 added $936M of cash to our balance sheet.”
The sale was the first Bitcoin liquidation Tesla made since the third quarter of 2021, when it reduced its net holdings by $51 million.
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 worth of digital assets.
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