Tesla sold 75% of her Bitcoins / Digital Assets
According to its second quarter financial report of 2022, Tesla converted 75% of the company’s Bitcoins to Fiat and added $ 936 million to its balance sheet as a result of the process.
At the end of June, the company still had $ 218 million in the remaining bitcoin, which would be kept for now and would not be converted into fiduciary.
But the company did not sell the Dogecoin cryptocurrency, loved by Tesla founder Elon Musk, but only accumulated it.
Musk explained that such a large sales of Bitcoin was made by the company to increase liquidity during the anti-covid restriction period in China. Tesla’s head made it clear that the sale of cryptocurrency should not be seen as “a kind of trial about Bitcoin” and that his company is open to increasing his participation in cryptocurrencies in the future.
Experts believe that Musk used Bitcoins pool to make certain investments in Tesla, but now this asset has become less important to the company than before, when the cryptocurrency exchange rate was over $ 30-40,000.
In the first quarter of 2021, Tesla was already selling 10% of its bitcoins and earned $ 101 million with it, and this was done to increase Bitcoin’s liquidity as an alternative to keep the cash in the company’s balance sheet.
In early February 2021, Tesla announced that it had invested $ 1.5 billion in Bitcoin. The company would then buy cryptocurrency and use it to pay some of its products and services, according to US law.
Tesla made it clear that it understands and assumes all the risks and uncertainties associated with the volatility and unpredictability of the cryptocurrency market and intends to keep new digital assets in the long run.
On March 24, 2021, Tesla began selling electric cars by Bitcoin. Also, when paying, customers do not lose to converting them to dollars. Tesla accepts cryptographic payments directly using internal open source software.
On May 13, 2021, Tesla CEO Elon Musk announced that the company refuses to sell electric cars by bitcoins due to the non-environmental method of obtaining them.
In January 2022, Tesla began selling some of its products to Dogecoin. According to Tesla’s sales rules, goods purchased with this cryptocurrency cannot be returned or exchanged, unlike money purchases.
