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Tesla sells 75% of its Bitcoin holdings to meet production costs in China

News Snapshot:

Tesla’s second-quarter financial earnings revealed that the company sold 75% of its entire Bitcoin holdings. The sale of Tesla holdings generated the company $936 million worth of fiat currency. Elon Musk sells 75% of the company’s Bitcoin holdings Tesla is one of the largest electric car manufacturers globally. The company has been one of the largest corporate holders exposed to cryptocurrencies. At the time of buying its Bitcoin holdings last year, Tesla had said it wanted to demonstrate the long-term potential of the primary cryptocurrency. In the Q2 earnings call, Tesla revealed that the sale of the company’s Bitcoin holdings…

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