Tesla Still Holds $222M In Digital Assets After $936M BTC Dump

Tesla still holds $222 million in digital assets after the recent $936 million BTC dump as we are reading more today in our Bitcoin latest news.

After starting the markets a week ago by announcing that it sold 75% of its BTC holdings, it seems that Tesla still holds $222 million of digital assets in its books. Despite the panic test over the past week announced that it sold 75% of BTC and reproted that $222 million worth of digital assets remain on the balance sheet as of the end of June. The new details were in the quarterly report of the company which is filed with the US SEC.

It is usually the case that a company will put out a press release and host an earnings call a few days before submitting the full report to the SEC. This is why the news about Tesla selling 75% of the $936 billion worth of BTC, was out before the company released more details. Tesla CEO Elon Musk added during the company’s earnings call that the company sold its BTC to free up cash after the COVID lockdowns continued in China. Musk said:

“The reason we sold a bunch of our Bitcoin holdings was that we were uncertain when the COVID lockdowns in China would alleviate. So it was important for us to maximize our cash position, given the uncertainty of COVID lockdowns in China.”

Bitcoin lost 2.5% from its share price an hour after the announcement and dropped to $23,078 and on Monday, the world’s biggest crypto by market capitalization slipped further trading near $21,969 as per coinMarketCap. In the meantime, the Tesla shareholders liked the news about the company selling a portion of its BTC. The TSLA shares went from $742 at a market close before the announcement and increased 9% to $812 and this is the highest level that the TSLA shares reached since May.

As earlier reported, In the latest earnings call, Musk said that the move was to maximize Tesla’s cash position and explained that Tesla sold its BTC stash right after China imposed its strict covid policies and the stash was worth about $936 million. China erased COVID restrictions in major cities in May after a jump in cases in Bejing and other regions prompted the governmetn to impose new rules a few weeks later. Earlier this month, the testing and lockdowns were yet again implemented in Shanghai.