Tesla sells 75 percent of its Bitcoin holdings in Q2

Electric car maker Tesla sold the majority of its Bitcoin ( BTC ) holdings in the second quarter, according to its financial reports on Wednesday.

"By the end of the second quarter, we have converted about 75 percent of our bitcoin purchases into fiat currency," Tesla said in its quarterly report . "As a result of the second quarter conversions, we now have an additional $936 million in cash on our balance sheets."

According to the financial reports, Tesla's net bitcoin holdings have been relatively stable for three straight quarters. At the end of March, Tesla had $1.261 billion worth of digital assets on its balance sheets. Following the liquidation, the company now has $218 million in digital assets.

As reported, the electric vehicle maker sold a portion of its BTC holdings in March 2021, raking in a net profit of $128 million . At the time, Tesla CEO Elon Musk stated that 10 percent of Tesla's holdings had been sold to "prove Bitcoin's liquidity as an alternative to cash on the balance sheet."

Two months earlier, Tesla has become one of the largest Bitcoin holders among companies with the purchase of $1.5 billion worth of Bitcoin. The purchase was disclosed in a filing with the US Securities and Exchange Commission in February . At the time, Tesla also planned to accept BTC payments, but those plans were later scrapped due to concerns surrounding Bitcoin's energy consumption.

For the fiscal second quarter, Tesla reported adjusted earnings per share of $2.27 on revenue of $16.93 billion.

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