Tesla Sold 75% of its Bitcoin, But Didn't Sell Any Dogecoin
After announcing the sell off of 75% of its Bitcoin holdings in Q2, CEO of Tesla Elon Musk discloses that the company was also holding Dogecoin, but didn't sell any.
“We are certainly open to increasing our bitcoin holdings in the future,” Elon musk said, “We have not sold any of our dogecoin.” he added.
The company revealed its balance sheet where it's clear that it was holding roughly $1,260 million ($1.26 billion) in "Digital assets" in Q3 2021, Q4 2021, and Q1 2022. However the number dropped to $218 million in Q2 2022.
However, the company managed to still grow the total assets continuously over the months, from $55.1 billion in Q2 2021, to $68.5 billion in Q2 2022.
Tesla obtained $1.5 billion worth of Bitcoin (BTC) in 2021, and hasn't bought any more after that.
"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."
Even though the company hasn't officially disclosed just how much Bitcoins it's holding, Musk hinted that Tesla owned about 42,000 bitcoins. This was in July last year. After selling 75% of their Bitcoin, they would've been left with 10,500 BTC, which according to TechCrunch, would be around $197m to $213m at $18,750 and $20,300 per Bitcoin.
Post a Comment