Tesla Sells 75% of Bitcoin Holdings: Q2 Earnings Report Reveals $936 Million Cash Boost

Electric vehicle maker Tesla sold most of its Bitcoin (BTC) holdings in the second quarter, according to new financial disclosures released on Wednesday. The Tesla Q2 earnings report reveals that Elon Musk’s car company has sold 75% of its bitcoin holdings, worth $936 million. As of the Electric car maker Tesla (TSLA) sold $936 million worth of bitcoin (BTC), or 75% of its holdings, in the second quarter, the company reported Wednesday in its earnings.

In the letter to investors, Tesla execs reveal the company has sold 75 percent of its Bitcoin holdings, adding $936 million in cash to its balance sheet. This move comes after Tesla invested $1.5 billion in Bitcoin early last year. The decision to sell a significant portion of their crypto assets is outlined in the earnings statement.

On Wednesday, Tesla said in its second-quarter earnings statement that it had sold three-quarters of its Bitcoin holdings. Profits at electric car maker Tesla fell by less than expected last quarter, boosted by price increases and the sale of three quarter's of the company's reserves of bitcoin.

The $936 million cash infusion provides a significant boost to Tesla's financial position. This strategic decision regarding their Bitcoin holdings is a key takeaway from the latest earnings report.