Science

Autopsy: Tesla sells 75% of its bitcoins for less than $1 billion

Tonight we learn that Tesla, one of the companies holding the most bitcoins in its own account, has divested itself of 75% of its assets. A shocking statement, even considering that these assets have already been sold on the market.

As part of its Q2 2022 earnings report, prominent electric vehicle builder Tesla, owned by billionaire Elon Musk, reveals that the company recently parted ways with 75% of its bitcoin holdings in order to convert them. into fiat currency, up to $936 million.

Note that this sales move most likely happened at the end of June:

“At the end of the quarter, cash equivalents and short-term marketable securities increased sequentially by $902 million. […] At the end of the second quarter, we converted approximately 75% of our bitcoin purchases into fiat currency. Q2 conversions added $936 million in cash to our balance sheet. »

If, from a purely technical point of view, this significant movement has already taken place, it now remains to be determined to what extent and with what amplitude the market will welcome such symbol-laden information. As a reminder, Tesla’s massive Bitcoin buying was considered one of the main catalysts for the recent bull market in crypto assets.

It is very possible that Bitcoin will suddenly go on sale in the next few days… Perhaps the perfect time to stock up on FTX, the benchmark for crypto exchanges (affiliate link)

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