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Tesla sells 75% of its bitcoins

Tesla sells 75% of its bitcoins

The exchange rate of the world's first cryptocurrency fell sharply following the news. 

As stated in the company's quarterly report, Tesla sold approximately 75% of its previously purchased bitcoins. Between April and June, these exchange transactions generated $936 million for the company.

Bitcoin reacted dramatically to the news: the price of the first cryptocurrency fell from $23.7 k to $23 k on July 20. Later, BTC showed a rebound to $23.6 k, but in the morning, the rate dropped once again to $22.8 k.

Revenues at Elon Musk's Tesla, the world's largest electric car maker, fell from $18.76 billion in the first quarter to $16.93 billion in the reporting period. The cash and cash equivalents increased by $819 million from $17.5 billion to $18.3 billion, while digital assets on the company's balance sheet decreased by more than $1 billion, from $1.26 billion to $218 million.

Tesla invested $1.5bn in Bitcoin in January 2021. On the back of the news, Bitcoin hit an all-time high, topping $44k.

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