Electric vehicle manufacturer Tesla (TSLA) said in its earnings report on Wednesday that it sold $936 million worth of bitcoin in the second quarter, or 75% of its total holdings.
According to the report released on Wednesday, the sale was classified under the earnings report as “proceeds from the sales of digital assets.”
Tesla is a well-known cryptocurrency investor who has invested billions in cryptocurrencies like bitcoin and others. Elon Musk has been spending a significant percentage of his money in cryptocurrencies in an effort to ride the cryptocurrency market wave.
The corporation had roughly 42,000 bitcoins as of the beginning of the quarter; if it sold 75% of those for $936 million, the average selling price per bitcoin would be about $29,000. Tesla avoided a large impairment charge on its holdings by selling early in the quarter when the price of bitcoin closed the second quarter at around $18,700.
Tesla, which many believed would HODL on their bitcoin, proved them wrong. Right now, it’s unknown if Tesla intends to purchase the dip. Elon may soon provide more information on his Twitter regarding the choice to sell his bitcoin holdings.
 said in its earnings report on Wednesday that it sold $936 million worth of bitcoin in the second quarter, or 75% of its total holdings...){kind=link}