Tesla, the manufacturer of electric vehicles, liquidated the majority of its Bitcoin assets during the second quarter, per a fresh financial report released on July 20.
Data indicates that prior to this sale, the corporation possessed 43,200 Bitcoins. They sold around 32,400 BTC or a sell-off of about 75%.
The report states:
“At the end of the second quarter, we converted about 75% of the bitcoins we purchased into fiat currency. The second quarter conversion added $936 million of cash to our balance sheet.”
For three straight quarters, Tesla‘s net digital asset holdings have remained largely constant. Tesla had $1.261 billion in digital assets as of March. The corporation had digital assets worth $218 million after being liquidated.
Remember that the producer of electric vehicles had a net profit of $128 million in March 2021 by selling around 10% of BTC.
The sale, which represented 10% of Tesla’s assets, was made, according to CEO Elon Musk, to “prove the liquidity of Bitcoins as an alternative to keeping funds on the balance sheet.”