Tesla has converted around seventy five percent of its BTC into fiat currency. The digital asset sales left the electric car company holding virtual currencies worth two hundred and eighteen million dollars. Tesla CEO Elon Musk mentioned,
“We are certainly open to increasing our bitcoin holdings in the future. We have not sold any of our dogecoin.”
Elon Musk’s electric car company, Tesla, released its quarter two earnings report Wednesday. The company mentioned,
“As of the end of Q2, we have converted approximately 75% of our bitcoin purchases into fiat currency. Conversions in Q2 added $936M of cash to our balance sheet.”
Tesla’s quarter two balance sheet shows net virtual currencies of 218 million USD, down from 1.26 Billion USD in the last quarter. The company also mentioned its Q2 year-on-year operating income was affected by BTC impairment.
Musk is presently in a legal battle with Twitter Inc. He offered to purchase the social media platform for forty four billion dollars but officially concluded the deal on 8th July. Subsequently, Twitter filed a lawsuit against Musk to force him to go through with the deal. The lawsuit trial is set for the month of October.
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