Elon Musk is apparently not trying to hold onto Tesla’s bitcoin during a crypto winter.
During the company’s Q2 earnings report, the electric car company revealed it has sold 75% of its Bitcoin holdings this quarter. The company appears to have lost about $150 million on its stake in the cryptocurrency since its purchase in 2021, with the coins selling for $963 million.
Tesla said the value of its remaining “digital assets” is $218 million.
In February last year, the company announced that it had purchased $1.5 billion worth of cryptocurrency with its balance sheet capital and that they would soon be accepting Bitcoin as payment for its vehicles. That announcement sent the crypto markets into a frenzy, pushing a number of cryptocurrency prices up and cementing Musk as a de facto crypto leader. Later, when he suddenly announced that they were abandoning plans to accept crypto payments, much of that goodwill with the community was reversed.
The company’s sell-off comes after a sharp drop in the price of cryptocurrencies across the board, including both Bitcoin and Dogecoin, which Musk has personally supported in his social media posts and in his position as CEO of Tesla.
The company’s second-quarter earnings report, which beat expectations with earnings of $2.26 billion, didn’t have much of an impact on the stock price in after-hours trading at the time of writing.