Tesla has converted approximately 75% of its $BTC into fiat currency. Elon Musk says, 'this should not be taken as some verdict on bitcoin.' cryptocurrency crypto
Tesla has converted approximately 75% of its bitcoin into fiat currency. The cryptocurrency sales left the electric car company holding digital assets worth $218 million. “We are certainly open to increasing our bitcoin holdings in the future,” Tesla CEO Elon Musk said, adding: “WElon Musk’s electric car company, Tesla, released its Q2 earnings report Wednesday. The company wrote:
As of the end of Q2, we have converted approximately 75% of our bitcoin purchases into fiat currency. Conversions in Q2 added $936M of cash to our balance sheet.Tesla’s Q2 balance sheet shows net digital assets of $218 million, down from $1.26 billion in the previous quarter. The company also said its Q2 year-on-year operating income was impacted by bitcoin impairment.
The electric car company’s statement of cash flows shows proceeds from digital asset sales of $936 million. The only other time Tesla’s cash flow statement showed sales of digital assets was in Q1 2021. The sales proceedsTesla bought $1.5 billion worth of bitcoin in early 2021 and has not purchased any more since. The electric car company never disclosed the number of
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