Tesla Converted About 75% of BTC Reserves into Fiat Currency

Tesla said in its Q2 2022 report that it converted about 75% of its BTC holdings into fiat currency. The conversion generated $936 million in cash for the company.

As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency. Conversions in Q2 added $936M of cash to our balance sheet.

Against this backdrop, Bitcoin fell for the first time in three sessions, offsetting the previous 3-day rise. Bitcoin was up about 4.2% in trading earlier on Wednesday, but fell 1.6% following Tesla's announcement.

Recall that Tesla had previously become one of the largest corporate holders of Bitcoin, acquiring $1.5 billion worth of BTC. Tesla had also planned to accept payments for buying cars in BTC, but those plans were later cancelled due to concerns about Bitcoin's energy consumption.