Tesla (TSLA) liquidated 75% of its Bitcoin holdings in Q2 2022
Tesla has parted with a large share of its Bitcoin, the company has shared.
Tesla (TSLA) has shared its earnings report for Q2 2022, chronicling the company’s financial performance over the past few months. It also informs investors of the major business moves that have been made during that period. In its Q2 2022 report, Tesla reveals that the company liquidated a whopping 75 percent of its Bitcoin holdings.
It’s on page 5 of Tesla’s (TSLA) Q2 2022 earnings report that the company talks about its cash flow during the quarter. The electric vehicle manufacturer mentions the popular cryptocurrency Bitcoin, sharing that it’s gotten rid of three quarters of BTC, converting it to fiat currency.
Tesla goes on to say that the move to liquidate such a large share of its Bitcoin added $936 million in cash to its balance sheet. It’s a significant figure, as it’s the driving force behind Tesla’s cash flow total for Q2 2022.
It will be interesting to see if Tesla looks to liquidate more of its Bitcoin in future quarters. It’s just one nugget of information that can be found in the company’s full Q2 2022 earnings report. If you’re looking for more Tesla news, stick with Shacknews.
Donovan Erskine posted a new article, Tesla (TSLA) liquidated 75% of its Bitcoin holdings in Q2 2022