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.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Shares in the company fell more than 50% this week as the merger approval went…
The Bitcoin price has had a mixed performance over the past week, with both sides…
Bitcoin (BTC) trades just below $90,000 after a fluctuating week of price action resulted in…
The Bitcoin market continues to experience high levels of investor uncertainty, as indicated by the…
Many in the crypto space have echoed a familiar sentiment over recent months: “The four-year…
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten…