Tesla says it sold around 75% of its bitcoin holdings, adds $936 million to 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.

The carmaker said the bitcoin impairment affected its second-quarter earnings, however, the company didn’t specify the size of the impairment.

Bitcoin on Wednesday rose as high as $ 24,265.33 during the day.

After Tesla’s announcement, the price dropped to $22,944.89, however, recovered the losses soon after.