Saturday, November 26, 2022
HomeCryptoBreaking: Tesla sells 75% of its bitcoins for less than $1 billion

Breaking: Tesla sells 75% of its bitcoins for less than $1 billion

We learn this evening that Tesla, one of the companies holding the most Bitcoin in its own account, has separated from 75% of its assets. A shock announcement, even if it should be noted that these assets have already been sold on the market.

As part of the publication of its accounts for the second quarter of 2022, the well-known electric vehicle construction company Tesla, owned by billionaire Elon MUSK, reports that the company recently parted with 75% of its bitcoin holdings and converted them into fiat currency, to the tune of $936 million.

It should be noted that this selling movement was in all likelihood executed at the end of June:

“At the end of the quarter, cash equivalents and short-term marketable securities increased successively by $902 million […] At the end of the second quarter, we converted approximately 75% of our bitcoin purchases into fiat currency. Q2 conversions added $936 million of cash to our balance sheet. »

If from a strictly technical point of view this significant movement has already been executed, it now remains to be determined to what extent and with what amplitude the market will welcome such symbol-heavy information. It will be recalled that the massive purchase of bitcoins by Tesla had been considered as one of the main catalysts of the recent bull market for crypto assets.

It is very possible that Bitcoin will suddenly find itself on sale in the next few days… Perhaps an ideal time to stock up on FTX, the benchmark for crypto exchanges (affiliate link)

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