Elon Musk Tesla’s electric vehicle manufacturing company has sold a large number of Bitcoin ownership, the company said in a statement. Reporting its income for Q2, the company said that they had sold 75 percent of Bitcoin’s ownership, an investment that helped the largest cryptocurrency in the world with market capitalization, to reach that position and jumped quickly in terms of value.
“At the end of Q2, we have converted about 75 percent of our Bitcoin purchases into Fiat currency,” Tesla said in a shareholder letter on Wednesday, as part of the company’s income report. “Conversion in Q2 added $ 936 million cash to our balance sheet,” he said.
Tesla in her balance had reported that she had a clean digital asset worth $ 218 million, which dropped from $ 1.26 billion in the previous quarter. The Elon Musk company further added that operating income and year-year-year-year-year-old Q2-year-year-to-year-old income was influenced by a decline in bitcoin. Tesla also said that they had added $ 936 million to traditional cash flow from Bitcoin sales. In Q1 2021, a statement from the company has shown cash flow from digital assets worth $ 272 million.
Elon Musk in an income call said that Tesla sold Bitcoin ownership to maximize cash positions due to uncertainty related to the closing of Covid. He said that Tesla’s Crypto sales should not be considered “several decisions on Bitcoin.”
Tesla’s Bitcoin sales came when Cryptocurrency had fallen into its months, down more than 50 percent since October last year. Tesla in February 2021 revealed that they had bought Bitcoin worth $ 1.5 billion, and then sold 10 percent of their shares in April, the results were reflected in Q1 2021. However, after February 2021, Tesla had not made any investment in Bitcoin again. Tesla’s digital assets have how shrinking to $ 218 million, company income reports show.
The price of Bitcoin jumped to the highest of all time in 2021 to nearly $ 69,000 in November, partly influenced by Elon Musk who fought for cryptocurrency at that time, before getting a big blow in the midst of turbulent market conditions and reduced its value by 50 percent. Tesla’s investment in Bitcoin has an important role in the price of Crypto coins to rise so fast. One bitcoin floated around $ 17,000 to $ 22,000 for the last few months now.
Tesla did not determine how much Bitcoin was originally purchased or how much had been sold now, but Elon Musk last year hinted that the company might have invested in 42,000 Bitcoin. The company even began to receive payments in Bitcoin for a short period, before stopping it, citing environmental problems.
No Dogecoin sold by Tesla
“We have not sold our dogecoin,” Musk said in an income conference call while explaining why he sold his bitcoin ownership. While Tesla has not yet mentioned anything about the ownership of Dogecoin, the company began to receive doge payments for some merchandise in merchandise in merchandise in merchandise in merchandise in January.