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Tesla Inc (NASDAQ: TSLA) on Wednesday said it has converted around 75% of its bitcoin purchases into fiat currency, which added $936 million of cash to its balance sheet.
The carmaker said the bitcoin impairment affected its second-quarter earnings, however, the company didn’t specify the size of the impairment.
After Tesla’s announcement, the price dropped to $22,944.89, however, recovered the losses soon after.
Tesla announced its investments in bitcoin early last year, and CEO Elon Musk said last May that Tesla will not be selling any bitcoin.
Musk has expressed interest in Bitcoin and Dogecoin and, at one point, allowed customers to buy the company’s electric cars with Bitcoin. He later suspended the Bitcoin payment option citing environmental concerns about Bitcoin mining.
Picture Credit: WSJ
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