Electric car maker Tesla, which recently sold bitcoins for $936 million, still holds $218 million worth of cryptocurrency.
The company presented its financial report for the second quarter of 2022. The document states that in the first trimester of 2021, the firm spent $1.5 billion to buy bitcoins and sold $272 million worth of coins, making a profit of $128 million. However, due to the fall in the BTC exchange rate between March and June 2022, the company incurred unrealized losses of $170 million.
In the second quarter of 2022, Tesla exchanged 75% of the bitcoins stored in the company’s wallet for fiat currency. These transactions brought the firm a $64 million profit, with $218 million worth of digital assets remaining in the organization’s crypto vault.
Tesla director Ilon Musk attributed the bitcoin sale to the need to increase the company’s liquidity. He also said the company plans to purchase BTC in the future to increase its cryptocurrency holdings.
In the second trimester of 2022, Tesla’s revenue grew 42% compared to the same period of 2021 and reached $ 16.9 billion. Sales of electric cars increased by 44% to $ 13.7 billion.