By the end of the second quarter of 2022, electric car maker Tesla had converted approximately 75% of its bitcoins into cash, bringing it $936 million, according to a company report.
As Tesla CEO Elon Musk said on a conference call, the sale of the cryptocurrency was due to the need to increase liquidity during the period of anti-COVID restrictions in China.
At the same time, the company did not sell “a single” Dogecoin, the businessman noted. He previously said he would continue supporting Dogecoin despite the market correction.
Musk also emphasized that Tesla is open to future investments in bitcoin.
The company’s total quarterly profit was $16.93 billion.
According to Yahoo Finance, shares of Tesla (TSLA) are trading at $742 at the time of writing. The price of bitcoin has fallen to below $22,900.
Recall that in February last year, it became known that Tesla invested $ 1.5 billion in bitcoin. Elon Musk himself called these investments “quite risky. ”
In April 2021, Tesla sold part of its assets in the first cryptocurrency for $272 million.