After making a significant investment in Bitcoin last year, Tesla Motors sold 75 percent of its holdings in the second quarter, the company confirmed Wednesday.
Tesla converted $936 million worth of Bitcoin into fiat currency and added the cash to its balance sheet, according to the electric vehicle maker’s earnings release (pdf). Tesla’s crypto holdings total approximately 10,500 coins, or about $218 million, down from $1.2 billion.
This is the first time that Tesla has touched the peer-to-peer decentralized virtual token since the first quarter of 2021. At the time, the tech giant acquired $1.5 billion in Bitcoin, sending prices through the roof. Tesla would later trim 10 percent of its holdings for $272 million in cash (pdf)….