According to new financial disclosures released on Wednesday, Tesla sold the majority of its Bitcoin (BTC) holdings in the second quarter.
"As of the end of the second quarter, we had converted approximately 75% of our Bitcoin purchases into fiat currency," Tesla stated in its quarterly report. "In the second quarter, conversions added $936 million to our balance sheet."
Tesla's net digital asset holdings were relatively stable for three consecutive quarters, according to financial statements. Tesla had $1.261 billion in digital assets on its books at the end of March. Following the liquidation, the firm now has digital assets worth $218 million.
According to Tesla, the electric vehicle manufacturer sold a portion of its BTC reserves in March 2021, earning a net profit of $128 million.
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