Tesla Dumps Three-Quarters of its Bitcoin Holdings

Tesla Dumps Three-Quarters of its Bitcoin Holdings
фото показано с : beincrypto.com

2022-7-21 16:00

Tesla, which just over a year ago rocked the financial world by making a major investment in bitcoin (BTC), has backtracked and sold 75% of its holding. 

The Elon Musk-led company invested  $1.5 billion in BTC in Feb 2021, but ended up liquidating three-quarters of the purchases for $936 million in the second quarter of this year.

Source: BTC Treasuries Tesla dumping weakened BTC recovery

The news also weakened bitcoin’s recovery, sliding under the $23,000 mark, according to CoinGecko. However, soon after, it began to regain momentum and is trading close to the crucial level at press time.

Musk said he is not against the idea of re-accumulating BTC. Musk was quoted by Reuters as saying: “It was important for us to maximize our cash position… We are certainly open to increasing our bitcoin holdings in the future, so this should not be taken as some verdict on bitcoin. It’s just that we were concerned about overall liquidity for the company.”

On Tesla’s earnings call, the company reportedly emphasized that the BTC sale in exchange for fiat currency was on the back of COVID-19 lockdowns in China, which created uncertainty for the car producer. 

“It’s just that we were concerned about overall liquidity for the company given COVID shutdowns in China,” Tesla CFO Zachary Kirkhorn said.

Has Tesla’s crypto bet failed?

Be[In]Crypto reported earlier this month that Tesla’s investment in bitcoin faced a decline of $440 million as the market began to slide earlier this year.

While bitcoin started April trading around $45,000, it spiraled down to $20,000 by the end of June. Tesla’s selling price was not disclosed.

Reports suggest that Tesla seems to have lost around $150 million on its crypto bet, with the company noting that the value of its remaining “digital assets” is $218 million.

Tesla suspended bitcoin payments in May 2021 on the back of environmental concerns associated with Bitcoin mining, shortly after allowing the coin as an option. 

Meanwhile, Musk has hinted on several occasions that he intends to continue supporting Dogecoin.

The post Tesla Dumps Three-Quarters of its Bitcoin Holdings appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 95526.75 (-1.20%)
Объем 24H $41.208b
Изменеия 24h: -1.90 %, 7d: -7.06 %
Cегодня L: $95276.36 - H: $97458.26
Капитализация $1891.394b Rank 1
Цена в час новости $ 22863.62 (317.81%)

bitcoin tesla holdings dumps three-quarters sold backtracked

Источник: beincrypto.com

bitcoin tesla → Результатов: 126


Arkham: Tesla still owns $780m in Bitcoin following wallet movement

Tesla has split the 11,509 Bitcoin across seven wallets Arkham Intelligence said some have speculated that the move was to a crypto custodian Tesla remains the third largest publicly traded Bitcoin company being MicroStrategy and Marathon Digital Holdings Tesla still owns 11,509 Bitcoin despite the wallet movement last week, according to a blockchain analytics company.

2024-10-23 12:47


Фото:

Analyst Explains Rationale Behind Tesla’s New Stance On Bitcoin

Elon Musk recently set the cryptocurrency community ablaze when he announced Tesla’s withdrawal in accepting Bitcoin as a payment medium. The company’s sole reason for backpedaling on its decision to accept Bitcoin is tied to the asset’s level of energy consumption which Tesla believes is highly unsustainable despite Bitcoin being a promising digital currency in […]

2021-5-15 16:09


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Tesla Doubles Down on AI to Boost Faltering Profits

Tesla bets on a new pivot to boost earnings after Q3 earnings reveal lower margins caused in part by a high interest rate environment. The post Tesla Doubles Down on AI to Boost Faltering Profits appeared first on BeInCrypto.

Stock Trader Dave Portnoy Dumps All His Dogecoins to Buy Bitcoin

After vowing to never buy bitcoin again, stock trader Dave Portnoy has sold all of his dogecoins, which he bought when the price was at a record high, to buy one bitcoin. Having been called “paper hands,” Portnoy now says will never sell his one bitcoin.

New Data Shows Bitcoin Captured Net Gains For Six Consecutive Months

According to Bloqport’s latest data, bitcoin, which ended the month of March with an overall gain of 29%, has now been in the green for six consecutive months. The data also shows that the crypto asset’s value has nearly doubled from its December 2020 closing price of $29,383 to its current value of $58,647. With […]