Electric vehicle manufacturer Tesla announced its balance sheet. The company, of which Elon Musk is the CEO, reported that it has converted about 75 percent of its Bitcoin assets into cash.
While Tesla sold $936 million of Bitcoin, these sales were made at an average price of $29,000, according to calculations.
The crypto money world was shocked by Tesla’s Bitcoin move. Tesla, the company of billionaire businessman Elon Musk, turned out to be selling its Bitcoin assets.
Tesla shared its second quarter data and recorded that $ 936 million of digital assets were sold. In December, Tesla reported that he had $1.99 billion worth of Bitcoin to the SEC, the US capital markets authority.
He stated that he had $218 million in digital assets on the final balance sheet after Tesla sold its digital assets. Thus, Tesla sold 75% of its Bitcoins.
Musk stated that they stopped Bitcoin purchases last May and contributed to the decline in Bitcoin.