Electric car manufacturer Tesla (TSLA) announced that it sold $936 million worth of its Bitcoins or 75% of its holdings in the second quarter. The company reported the revelation in its earnings report on Wednesday.
“As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency,” Tesla stated in its second-quarter earnings report announced on Wednesday. The firm added the sales worth $936 million in cash to its balance sheet.
Musk commented in the earnings call on Wednesday: “The reason we sold a bunch of our bitcoin holdings was that we were uncertain as to when the Covid lockdowns in China would alleviate, so it was important for us to maximize our cash position. This should not be taken as some verdict on bitcoin,” he added that “Tesla is open to increasing its crypto holdings in the future.”
Tesla ended the second quarter with Bitcoin holdings worth $218 million, down from $2 billion in the past three quarters.
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