Tesla Converted About 75% of BTC Reserves into Fiat Currency
Tesla Converted About 75% of BTC Reserves into Fiat Currency

Tesla Converted About 75% of BTC Reserves into Fiat Currency

21 july, 20221 minute to read
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Tesla said in its Q2 2022 report that it converted about 75% of its BTC holdings into fiat currency. The conversion generated $936 million in cash for the company.

As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency. Conversions in Q2 added $936M of cash to our balance sheet.

Against this backdrop, Bitcoin fell for the first time in three sessions, offsetting the previous 3-day rise. Bitcoin was up about 4.2% in trading earlier on Wednesday, but fell 1.6% following Tesla's announcement.

Recall that Tesla had previously become one of the largest corporate holders of Bitcoin, acquiring $1.5 billion worth of BTC. Tesla had also planned to accept payments for buying cars in BTC, but those plans were later cancelled due to concerns about Bitcoin's energy consumption.

21 july, 2022
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