Tesla sold off $936 million worth of bitcoin, its latest earnings report revealed. The company’s bitcoin reserves were at one point worth $2 billion.
As the crypto sector slowly gets back on track, here are some news that will rock the industry. Elon Musk, an ardent supporter of Bitcoin, is said to have sold 75% of his Bitcoin holdings through his company.
“We have converted approximately 75% of our Bitcoin purchases into fiat currency. Conversions in Q2 added $936M of cash to our balance sheet.”
In Tesla’s latest earnings report
According to Tesla’s Q2 report, almost 75% of bitcoins are sold for FIAT currency, bringing $936 million to the company’s economic balance. The average selling price will be above $29,000 per Bitcoin. After that, the Tesla company will only hold about $218 million in crypto by the end of Q2 (end of June), according to the information provided in its report.
In February 2021, the car company bought $1.5 billion in Bitcoin and largely contributed to pushing the asset to a very high peak with ATH in April of the same year at around $69,000. The company already holds 42,000 BTC and is therefore a standard, especially among companies, as one of the companies with the most Bitcoin tokens.
In response to this announcement, which means a real earthquake, Bitcoin briefly dipped below $23,000 before recovering somewhat and settling for the time being around $23,400.
As Bitcoin looks to start and consolidate an uptrend, this news could very well have the opposite effect and send the asset and other cryptocurrencies lower.
The selling, possibly fueled by the negative economic sentiment Musk has expressed in the past, will be watched constantly as it could signal a new trend for the market. It remains to be seen how the market will digest the news over the next few days.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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