Tesla offloads $936m of BTC portfolio

Tesla has confirmed that it has offloaded $936m worth of cryptocurrency in the second quarter.

This has brought its Bitcoin (BTC) holdings down by 75%, according to its latest company financial filings.

Tesla was one of the first companies to make a big commitment to the sector, spending $1.5bn in a move that largely galvanized the industry and sent prices soaring.

The fact that the company’s boss Elon Musk had been talking cryptocurrencies up on Twitter also helped.

For a short time, Tesla customers could even buy cars using BTC. However, BTC impairment has made the company rethink its strategy and look anew.

The company’s investment paid off immediately, as the price surge that followed generated it $100m in profits – more than from the cars it had sold.

But Tesla rethought its strategy to enable consumers to buy vehicles with BTC after the practice came under fire from environmentalists who questioned Tesla’s core motivation, which is supposed to be saving the planet, not a fat bottom line.

BTC could have been a good investment had it not crashed from its all-time high of $68,990.90 to just $22,500 at the time of writing.

Tesla must have sold at a loss in terms of a head-to-head price comparison of the current prices versus the price back in 2021.

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Source

Updated: 07/25/2022 — 18:00