Are you buying the same bitcoins that Tesla was selling?

Tesla, the leading American multinational automotive and sustainable energy firm, said the sale increased its balance sheet by $936 million in the second quarter. In addition, the business disclosed an earnings impairment related to bitcoin. A little more than a year after investing in the digital currency, the corporation has sold 75% of the bitcoin it acquired.

Tesla disclosed a $1.5 billion position in bitcoin last year when the cryptocurrency was trading at over $28,000. According to CoinDesk, the price of bitcoin dipped below $17,700 in mid-June, amid a general decline in cryptocurrency markets. The company's acknowledged accounting approach takes into consideration the asset's lowest market price since its acquisition.

Mr Musk's plan for Tesla to employ cryptocurrency extends beyond bitcoin. Last year, the billionaire announced that Tesla would accept Dogecoin digital token payments.

Tesla previously hinted that "June 2022 was Tesla's largest car production month in history." Furthermore, Tesla's vehicle deliveries are increasing, whilst other premium manufacturers' deliveries are decreasing owing to a variety of problems such as rising inflation, component shortages, and severe workforce shortages.

It's not the first time Tesla has sold bitcoin or suffered a loss on its cryptocurrency investment. In 2021, the corporation booked around $101 million in bitcoin charges while also selling part of its assets.

Tesla CEO Elon Musk has been an outspoken proponent of digital currency. When Tesla announced its ownership last year, Mr Musk said that the firm would begin taking bitcoin payments. He quickly reversed the regulation, expressing worries about high levels of fossil-fuel consumption in bitcoin mining.

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