Tesla Bitcoin Sale Confirmed by Elon Musk
According to Tesla's newest Q2 financial statement, Bitcoin was one of the essential items that impacted the operating income.
As per the official data, the operating income improved year-to-year to $2.5 billion in the second quarter, resulting in a 14.6% operating margin.
"As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency," Tesla's statement said, adding: "Conversions in Q2 added $936M of cash to our balance sheet."
However, during the regular quarterly investor call, the company's CEO, Elon Musk, revealed that even though Tesla holds Dogecoin as well, it didn't convert any of that into fiat.
"We still have it," Musk claimed.
Just a month before, speaking at the Qatar Economic Forum in Doha, Musk confirmed he supports Dogecoin, reiterating that Tesla accepts the currency as payment for its products. He also announced that his company SpaceX intends to do the same.
Musk says he intends to 'personally support' Dogecoin in response to the many people who are not wealthy and have encouraged him to buy and support DOGE.
Tesla’s Musk – Bitcoin and Dogecoin advocate
Back before, Musk was pretty vocal about owning Dogecoin. However, he never confirmed that Tesla or SpaceX have it in their portfolios. It is not known whether the assets left in crypto are remaining Bitcoin or, perhaps, Dogecoin.
If we try to calculate how much Bitcoin Tesla has left, we should look at the sheet where it says the company owned 42,000 Bitcoin heading into the second quarter.
After the company sold 75%, there should be 10,500 at the quarter's end. We can only presume that the snapshot was taken somewhere at the end of June when fiscal Q2 ended. At the time, 1 Bitcoin was worth somewhere between $18,750 and $20,300. This could mean that there are 10,500 coins, of which $197 to $213 million are Bitcoin.
Musk has been a crypto advocate for years and was pretty influential in market moves. In 2021 he helped Bitcoin jump after admitting Tesla bought some for its corporate vault.
Author: Teuta Franjkovic
A sincere writer with a strong will to share knowledge on all things blockchain, crypto, metaverse and DeFi. Starting out as a writer with Cosmopolitan, Teuta has risen through the ranks of business journalism, editing newspapers and websites within the fintech industry for over 15 years. She holds a double MA in Public Politics and Entrepreneurship.