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Tesla sells 75% off its Bitcoin

Tesla revealed on its 7/20 earning report that the company sold 75% of its total Bitcoin holdings.

Video Transcript

BRIAN SOZZI: They sold their Bitcoin. And they talked about this on the call last night. They did it to raise liquidity perhaps ahead of a economic downturn. Normally, that is a massive red flag when a company like a Tesla comes out and says something like that.

BRAD SMITH: Yeah, just to put some numbers on that, they had sold 75% of its Bitcoins holdings, Bitcoin holdings during the quarter. They sold the coins for a total of $963 million there and then the remaining value of those assets that they have digitally at least right now, $218 million, but just needing the cash needing to liquidate something to navigate this period.

JULIE HYMAN: He even said explicitly this should not be taken as some kind of verdict for Bitcoin. It's not a shock necessarily that they sold it. I think there was some speculation within the crypto market that he had done that. But nonetheless, it is interesting to get these details on it. And it's also, do we take them at their word that it was just in order to raise that cash because of Shanghai shutdowns?

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