Tesla has dumped the vast majority of its Bitcoin holdings, adding $936 million to its cash reserves
Leading e-car manufacturer Tesla has converted 75% of its Bitcoin holdings into fiat, the company announced during its Wednesday earnings calls.
Tesla held only roughly $218 million worth of crypto at the end of the second quarter, according to its Q2 report.
The popular e-car maker announced that it had purchased $1.5 billion worth of Bitcoin in February 2021, pushing the price of the top cryptocurrency to new highs. Shortly after that, it sold a small portion of its holdings to test Bitcoin’s liquidity.
In May 2021, the Elon Musk-helmed company stopped accepting Bitcoin as a payment method due to environmental concerns.
This February, Tesla reported that it had held roughly $1.99 billion worth of Bitcoin at the end of 2021.
The largest cryptocurrency is trading slightly above the $23,000 level following the announcement, dropping roughly 3%.
