Tesla (NASDAQ: TSLA) said it converted around 75% of its Bitcoin into fiat currency during Q2. As a result, $936 million of cash was added to its balance sheet. As of the end of Q2, the company’s balance sheet shows $218 million in digital assets, down from $1.261 billion in the previous quarter.
The company started to invest in Bitcoin in early 2021, purchasing a total of $1.50 billion. While the company never disclosed the number of Bitcoin it owns, Elon Musk hinted in July 2021 that they hold about 42,000 bitcoins.
Musk said that the sale of 75% of its Bitcoin should not be taken as a verdict on the cryptocurrency, and the decision was made as they were concerned about the company’s liquidity given China’s Covid shutdowns. Musk added that the company hasn’t sold any of its dogecoin.