revealed that they are still holding the number worth $222 million later when selling 75% billion total holdings mine. The company recorded a realized profit of $64 million from the conversion recently into fiat currency.

The conversion is about 75% amount bitcoin holding into fiat currency helped added $936 million in cash to the balance sheet.

Tesla originally bought $1.5 billion bitcoin in the first quarter of 2021. In the same quarter, the company sold worth $272 million. Bitcoin Price between $32,000 and $59,000 in the first quarter of 2021.

The electric car company stated in the submitted file that they received a $128 million profit from the conversion into fiat currency in Q1 2021. In addition, the company posted a loss of $23 million in Q2 2021 and a loss of $50 million in the first half of 2021.

In addition to the $1.5 billion worth of Bitcoin the company bought in Q1 2021, Tesla also received “an amount of non-physical digital assets” in the first half of the year.

Although not naming the properties other that they are holding, but the company has accepted the meme () for some goods since January.

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The residual value of the digital assets Tesla holds was $218 million as of the end of the second quarter, the company's balance sheet shows. 

“The fair market value of such digital assets held as of June 30, 2022 is $222 million.”

On June 30, BTC price hovering around the $20k level, after a short drop to $18.784. At the time of writing, BTC is trading at $ 20,922.

The source: TradingView

Tesla CEO said during its Q2 earnings call that the reason for selling the majority of BTC was due to concerns “about the overall liquidity of the company, coupled with the Covid lockdown in China.” Note that Tesla did not sell any “We are certainly open to increasing our BTC holdings in the future, so this should not be taken as a judgment on Bitcoin,” Musk emphasized.

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