Tesla Tesla sells 75 percent holdings in Bitcoin to add millions into balance sheet
New Delhi/IBNS: Electric car maker Tesla sells off major holdings in Bitcoin to infuse USD 916 mln into its balance sheet but has kept its reserves in Dogecoin intact.
In a shareholder letter on Wednesday, Tesla said, “As of the end of Q2, we have converted approximately 75 percent of our Bitcoin purchases into fiat currency," as per media reports.
The holdings in the virtual token were converted into flat currency.
Tesla had pumped in USD 1.5 bln as investment in Bitcoin during Feb 2021, the Elon Musk led company had informed last year.
It had also sold 10 percent of its holdings in April last year.
Tesla CEO Elon Musk said that the sell off was undertaken to maximise cash held by the enterprise, as per a BusinessToday
report.
The company also informed on Wednesday that its digital assets had shrunk to USD 218 mln, as per a livemint report.
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