According to the Q2 quarterly update, Tesla (NASDAQ:TSLA) has converted approximately 75% of its Bitcoin purchases into fiat currency during the quarter, which added $936 million of cash to its balance sheet.
In early 2021, Tesla started to invest in Bitcoin after updating its investment policy to give the company more flexibility to further diversify and maximize returns on its cash that is not required to maintain adequate operating liquidity. The company invested a total of $1.50 billion in bitcoin under this policy.
The company’s balance sheet shows $218 million in digital assets as of the end of Q2, compared to $1.261 billion in digital assets as of the end of Q1.
Source: Cryptocurrency - investing.com
