Tesla's Q2 2022 report and investors' call already happened, and there is massive news from the company regarding this quarter, especially for the Bitcoin holdings it originally purchased. Now, the company sold 75 percent of its Bitcoin assets that it initially planned to "hold on for dear life" for investment purposes.
Its tech CEO addressed the sellout, saying it was not the blockchain's fault in this case.
Tesla Q2 2022: 75% of Bitcoin Now Sold-But Why?
(Photo : Spencer Platt/Getty Images)
A Tesla showroom stands in the Meatpacking district in Manhattan on June 6, 2018 in New York City.
Tesla released its Q2 2022 full report online, and it talks about a lot that has happened within the company for the past three months of the year. This quarter is one of the most challenging for the company yet, as it is the first time in a long time since Tesla saw a decline in its numbers and profits for this quarter.
However, that is not the only massive news for this second quarter, as the company also saw changes to its investments and holdings, particularly with the top cryptocurrency of the market, Bitcoin. Elon Musk revealed on an investor call that the company had already sold its Bitcoin assets, particularly 75 percent of the coins amounting to $936 million.
Read Also: Tesla to Create HVAC with HEPA Filter, Elon Musk Confirms on Future Products List
Tesla Investor Call for Q2 2022
The latest investor call for Tesla recently took place, and there are several changes to the company that would happen in the future, one of which is its Bitcoin holdings. The company experienced a lot this quarter, which is a new thing for them as they were used to prevailing and earning even during the massive decline in the past two years of the pandemic.
Tesla and Bitcoin
Tesla and Bitcoin had an up and down trend in their focus, with a rocky relationship that started on a good note and then transitioned into something where they had a fallout for several reasons. One of the reasons here is Bitcoin mining that uses coal energy, which goes against Tesla's focus or main advocacy, which is clean energy for the planet.
Musk and Tesla denounced using Bitcoin for their EV purchases and previously stopped trading with the public regarding the cryptocurrency coin. Despite Tesla's problem with Bitcoin as a massive user of coal energy for its mining, Musk confirmed before that the company did not sell any of its BTC shares on the market they initially purchased.
Now, it officially confirmed that they sold the Bitcoin shares they have, a good percentage of it, and it is to get the money it sorely needed and use it for ventures. There is still 25 percent remaining to its top cryptocurrency holdings, and it focuses on investment and HODL-ing it for the future, especially now that a rise is coming.
Related Article: Tesla Supercharger V4 With Longer Charging Cable Spotted on Leaked Blueprint; Is This a Refresh Version?
This article is owned by TechTimes
Written by Isaiah Richard
