Tesla says it sold around 75% of its bitcoin holdings, adds $936 million to balance sheet
Musk has expressed interest in Bitcoin and Dogecoin and, at one point, allowed customers to buy the company’s electric cars with Bitcoin. He later suspended the Bitcoin payment option citing environmental concerns about Bitcoin mining.
Tesla Inc (NASDAQ: TSLA) on Wednesday said it has converted around 75% of its bitcoin purchases into fiat currency, which added $936 million of cash to its balance sheet
Tesla Inc (NASDAQ: TSLA) on Wednesday said it has converted around 75% of its bitcoin purchases into fiat currency, which added $936 million of cash to its balance sheet.
After Tesla’s announcement, the price dropped to $22,944.89, however, recovered the losses soon after.
Tesla announced its investments in bitcoin early last year, and CEO Elon Musk said last May that Tesla will not be selling any bitcoin.
Musk has expressed interest in Bitcoin and Dogecoin and, at one point, allowed customers to buy the company’s electric cars with Bitcoin. He later suspended the Bitcoin payment option citing environmental concerns about Bitcoin mining.