Tesla sold 75% of its bitcoin holdings

In Tesla’s latest earnings report, released Wednesday, the company revealed it has sold the majority of its bitcoin: “We have converted roughly 75% of our Bitcoin purchases into fiat currency. Conversions added $936 million to our balance sheet in the second quarter.”

Tesla’s $1.5 billion bitcoin purchase, revealed in an SEC filing in February 2021, contributed to the cryptocurrency market’s euphoria, causing bitcoin’s price to skyrocket from around $20,000 in December 2020 to $60,000 in March 2021. Tesla’s bitcoin reserves reached a high of $2 billion at one point. Tesla purchased bitcoin to “provide us with more flexibility to further diversify and maximise returns on our cash,” according to the company’s 2021 SEC filing.