Tesla Sold $936M Worth of Bitcoin in Second Quarter
The price of bitcoin fell about 1.5% to $27,250 following the news.Read MoreFeedzy
Electric car maker Tesla (TSLA) sold $936 million worth of bitcoin, or 75% of its holdings, in the second quarter, the company reported Wednesday in its earnings report.
The company ended the second quarter with just $218 million in bitcoin, down from $1.26 billion in both of the previous two quarters.
The price of bitcoin fell about 1.7% to $23,300 following the news.
Tesla announced last February it had purchased $1.5 billion worth of bitcoin, a move that caused the price of bitcoin to surge. Later in Q1, the company trimmed its bitcoin position by 10%, a sale that boosted that quarter’s earnings by $272 million.
A company call with analysts is scheduled for 5:30 p.m. ET (21:30 UTC).
This is a developing story and will be updated.
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