Tesla sold 75 percent of its Bitcoin

Illustration by Alex Castro / The Verge

Tesla already reported vehicle shipment numbers for the second quarter, and now its full Q2 2022 financial report (pdf) reveals it’s dealing with inflation and the overall economic downturn, combined with a plunge in prices of Bitcoin and other cryptocurrencies. In the letter to investors, Tesla execs reveal the company has sold 75 percent of its Bitcoin holdings, adding $936 million in cash to its balance sheet.

Last year, Tesla made a $1.5 billion investment in Bitcoin and announced that it would accept Bitcoin as payment. Tesla started accepting Bitcoin in late March, then abruptly reversed itself in May, just 49 days later.

In the latest report, Tesla says the value of its remaining “digital assets” is $218 million, which it had…

Continue reading…

Liked Liked