Tesla sold 75% of its bitcoin holdings in the second quarter, as crypto prices crashed and Elon Musk’s company looked to convert assets into cash.

As crypto prices crashed, Tesla sold 75% of its bitcoin holdings in the second quarter.

Tesla has sold 75% of its crypto holdings in the past quarter amid a market downturn.

The electric car maker said it had sold about $10 million worth of BTC and BCH during the first three months of 2019. It plans to continue selling off its crypto holdings as prices fall further.

The company’s CEO Elon Musk confirmed that he had been selling all his cryptocurrency since March when bitcoin was trading at around $30,000. He added that he was “not going to hold any long-term cryptocurrency” at this point.

The company previously disclosed it earned $101 million from bitcoin sales in its first quarter.

Tesla's first-quarter revenue of $4.9 billion was up 64% from the prior year's quarter and surpassed the company's guidance.

The electric car maker generated record revenue and net income in its second quarter, although it lost $637 million due to one-time expenses related to its acquisition of SolarCity, according to a report from CNBC. The company also said that it had sold 75% of its bitcoin holdings during the second quarter.

Tesla's earnings results were strong compared to many other automakers, but the total loss is still significant for an automaker that has yet to turn profitable. Tesla was able to generate positive cash flow in Q2, which allowed it to cover its operating expenses and finance capital expenditures, but it is not clear how much longer it will be able to achieve this feat.

The company previously disclosed it earned $101 million from bitcoin sales in its first quarter.

Elon Musk said the electric-vehicle maker “sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on the balance sheet.”

Tesla CEO Elon Musk said the electric-vehicle maker “sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on the balance sheet.”

Musk also said that Tesla is a “promoter of miner-friendly and secure software and hardware standards” in comments on Twitter.

The company sold about 75% of its holdings during the second quarter, according to Musk. He did not say how much it sold or when it sold it.

He also said Tesla’s revenue is growing faster than expected and that Model 3 production would be “at least double” what it was at this point last year.

The sale hurt the company’s automotive gross profit.

Tesla sold 75% of its Bitcoin holdings in the second quarter, Bloomberg reported. The company announced that it had converted its entire holdings into US dollars and would use some to pay for the acquisition of solar energy plants.

The sale hurt the company’s automotive gross profit. Tesla made $845 million from selling vehicles in the second quarter, down from $1 billion in the same period last year. The company blamed high capital expenditures for this decline.

The company’s chairman, Elon Musk, has been investing in cryptocurrency through his company's venture capital fund, SpaceX, and SpaceX subsidiary The Boring Company (TBC). In April this year, Musk said that TBC would begin accepting payments for cryptocurrency.

Tesla wrote in its earnings report that it had sold approximately 10 percent of its initial investment of $1.5 billion during the first quarter of 2021.

Tesla wrote in its earnings report that it had sold approximately 10 percent of its initial investment of $1.5 billion during the first quarter of 2021. This is a significant amount, considering that many people who invest in Tesla or other companies make their money in the long term.

Tesla is one of the few companies that can afford to write off a portion of its investments as losses and remain competitive with other car companies.

However, Tesla has been profitable for years now and has been posting record sales numbers for most of that time frame.

Takeaway: Tesla made money by selling bitcoin before the crypto market crashed.

When the market finally crashed, Tesla had already sold 75% of its total bitcoin holdings. We now know that their remaining bitcoin holdings were sold just two weeks ago, while the price was still around $6,500–almost half of what it was only six months earlier. Several analysts believe that the current bitcoin crash has yet to bottom out, making for an even more spectacular sell-off when it does.