Tesla has sold 75% of its bitcoins

By the end of the second quarter of 2022, electric car manufacturer Tesla had converted approximately 75% of its own bitcoins into cash, which brought it $936 million. Such data follows from the company's report.

As the head of Tesla, Elon Musk, said on a conference call, the sale of cryptocurrencies was due to the need to increase liquidity during the period of anti-cash restrictions in China.

At the same time, the company has not sold "any" Dogecoin, the businessman noted. Earlier, he said that he would continue to support the coin, despite the market correction.

Musk also stressed that Tesla is open to future investments in bitcoin.

The company's total quarterly profit was $16.93 billion.

According to Yahoo Finance, at the time of writing, Tesla (TSLA) shares are trading at $742. The price of bitcoin has fallen 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."

Already in April 2021, Tesla sold part of the assets in the first cryptocurrency for $ 272 million.