Tesla reported that it sold much of its Bitcoin investment after saying the cryptocurrency was one of a number of factors that impacted operating income in the second quarter of 2022.
The electric car company told shareholders on Wednesday in its Q2 Quarterly Update (pdf) that it converted around 75 percent of its Bitcoin purchases into fiat money, adding $936 million of cash to its balance sheet.
In February, Tesla said the fair market value of the electric-vehicle maker’s Bitcoin holdings was $1.99 billion as of the end of last year.
Telsa originally invested $1.5 billion in 2021. It is now converting the digital currency into fiat money as the value of Bitcoin plunged more than 50 percent this year….