Tesla reveals its Bitcoin sale profits

Tesla Elon Musk Bitcoin

Tesla still owns more than $200 million worth of crypto, according to its balance sheet. The data came to light after it became known that he had sold 75% of the bitcoins he owned. The electric car company posted a $64 million profit on the sale.

All of this information, and the bitcoins he also owns, were filed with the US Securities and Exchange Commission. (SEC) on Monday.

The Tesla sale netted him more than $900 million in the second quarter.

The company has clarified that it owns DOGE, in addition to that, as we know, it accepts memecoin as part of the payment for the sale of electric cars.

The details of Tesla

The bitcoin sale is detailed in the presentation along with Tesla CFO Zachary Kirkhorn’s report on the company’s Q2 earnings call when he said Tesla had sold 75% of its bitcoin. “to obtain a realized profit”. ”

Elon Musk assured us that the sale had nothing to do with the loss of confidence in bitcoin, and that it was because they wanted a stronger cash position.

“Tesla is certainly open to adding to its bitcoin position again in the future.”

Tesla bought $1.5 billion worth of bitcoin in early 2021. Soon after, he sold 10%, earning about $272 million. Then he did not sell until the recent liquidation that we already know this year when he sold the mentioned 75%.

Tesla did not disclose the buying and selling prices of bitcoin.

In his most recent filing, he clarified that he could buy back bitcoin “at any time based on business needs and our view of the market and environmental conditions.”