Tesla sells 75% of its bitcoins

According to the company’s latest report, total BTC sales exceeded $936 million

21.07.2022 - 06:45

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What’s new? Tesla has released a report on the company’s performance for the second quarter of 2022. According to this data, by the end of the quarter, the automaker had sold about 75% of its bitcoins for a total of $936 million. In this, Tesla’s total quarterly profit was $16,93 billion.

The full version of the report

What is the reason for the sale? According to The Guardian, the company’s head Elon Musk explained the sale of the cryptocurrency as a need to increase liquidity while China’s anti-coronavirus restrictions are in place. Musk stressed that the company has not sold any Dogecoin, and added that Tesla is open to further investments in BTC.

News on The Guardian’s website

The publication of Tesla’s report was followed by a drop in the rates of major cryptocurrencies. As of 06:45 UTC, 1 BTC is worth $22 872 (-3,3% overnight). ETH is trading at $1483 (-5,4% overnight).

Earlier it became known that Tesla’s unrealized losses from bitcoin investments in the second quarter of 2022 amounted to $440 million. In February 2021, the company bought $1,5 billion worth of BTC, but against the backdrop of the asset’s rate fall, its investments significantly lost in value.

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