Today, it was announced in a Q2 update ^(https://senderboot.s4-tastewp.com/goto/https://tesla-cdn.thron.com/static/EIUQEC_2022_Q2_Quarterly_Update_Deck_J8VLIK.pdf?xseo=&response-content-disposition=inline%3Bfilename%3D%22_022-Q2-Quarterly-Update-Deck.pdf%22) by Tesla that the electric car manufacturer had sold 75% of its bitcoin holdings.
“As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency,” the update stated. “Conversions in Q2 added $936M of cash to our balance sheet.”
Tesla held around a total of 42,000 BTC at the start of Q2, and sold the majority of the bitcoin at an average price of ~$29,000.
On February 8, 2021 Tesla announced ^(https://senderboot.s4-tastewp.com/goto/https://bitcoinmagazine.com/markets/its-happening-tesla-buys-1-5-billion-of-bitcoin) that it had purchased $1.5 billion in bitcoin and had begun accepting BTC as payment. Later in Q1, 2021 the company sold ^(https://senderboot.s4-tastewp.com/goto/https://bitcoinmagazine.com/business/tesla-announces-major-bitcoin-profit) $272 million of its bitcoin at a profit, with Elon Musk saying the reason was to prove the asset’s liquidity and viability as an alternative to cash on its balance sheet.
Tesla later on stopped ^(https://senderboot.s4-tastewp.com/goto/https://bitcoinmagazine.com/business/elon-musk-tesla-to-resume-bitcoin-payments) accepting bitcoin payments due to energy concerns, but Musk stated that “When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.”