Electric car market Tesla (TSLA) has sold $936 million worth of Bitcoin, equivalent to 75% of its holdings, in the second quarter of the year to maximize its cash position “given the uncertainty of the COVD lockdowns in China.”
Tesla CEO Elon Musk added that Tesla is open to boosting its bitcoin exposure in the future and that “this should not be taken as some verdict on Bitcoin.” Musk also said Tesla did not sell any of its Dogecoin.
The electric car maker ended the second quarter with $218 million in bitcoin, down from $1.26 billion in the previous three quarters. The company held around 42,000 BTC heading into the quarter and may have avoided a substantial impairment charge by selling its holdings earlier in the quarter.
The firm first bought bitcoin back in February 2021, when it invested $1.5 billion into the cryptocurrency, in a move that helped BTC’s price surge at the time. Later that quarter, the company trimmed its BTC position by 10%.
Tesla reported adjusted earnings per share of $2.27 in the second quarter, beating analyst estimates of $1.81 per share. It posted $16.9 billion in revenue, over the estimated $16.5 billion.
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