- Tesla retains $936 million in its balance sheet after selling BTC holdings.
- In the previous year, Tesla invested $1.5 billion in BTC.
On Wednesday, Tesla Inc revealed in a letter to its shareholders, that the company has sold about 75% of its Bitcoin holdings, adding the amount of $936 million to its balance sheet in the second quarter (Q2).
In February 2021, Tesla had invested $1.5 billion in Bitcoin, and a few days later, the firm sold 10% of its holdings. As per Tesla’s latest full Q2 2022 financial report, the value of its digital assets had dropped to $218 million, and a Bitcoin impairment had reduced second-quarter revenue. Tesla sold Bitcoin at a time when the cryptocurrency was at its low for the month.
Musk’s Ceaseless Love for Dogecoin
On an earnings conference call, Tesla CEO Elon Musk expressed that, due to the uncertainty surrounding the Covid shutdowns, the company sold Bitcoin to maximize its financial position. He also added that the sale shouldn’t be seen as some verdict on Bitcoin. At the same time, in the same conference call, Musk claimed that Tesla has not sold any of its Dogecoin. However, he didn’t mention anything about the company’s Dogecoin holdings.
The billionaire has a great influence on major cryptocurrencies and the global crypto market. Some of his supportive statements on particular cryptocurrencies created tremendous growth in the crypto market. He previously tweeted that he owns cryptocurrencies Bitcoin, ether, and Dogecoin. However, Musk advises people to invest in cryptocurrencies with caution.
In the previous year, he announced through Twitter that Tesla is open to accepting Bitcoin and customers can purchase Tesla with Bitcoin. But nearly after two months, he suspended that service due to the environmental issues created by Bitcoin mining.
Moreover, he continuously uses his Twitter account to support Dogecoin. Last year, Musk branded himself as the “dogefather”.
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