Tesla unloaded a portion of its Bitcoin holdings to display its liquidity as an alternative to fiat currencies, its chief Elon Musk revealed.
No, you do not. I have not sold any of my Bitcoin. Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.— Elon Musk (@elonmusk) April 26, 2021
- Musk posted on Twitter that Tesla sold 10% of its holdings on the digital coin to “prove liquidity as an alternative to holding cash on balance sheet.”
- Tesla’s earnings report showed that the firm raised $101 million from the sale.
- In a follow-up post, Musk responded in the affirmative when asked if Bitcoin passed stress tests conducted by Tesla.
- The Tesla executive noted he has not sold any of his personal Bitcoin holdings.
- Musk, who has been a vocal supporter of cryptocurrencies, in March said Tesla would accept Bitcoin as payment for its vehicles.
- Bitcoin was last up to $55,320 at 12:21 p.m. GMT, down from its record-high $64,870 earlier this month, but still up sevenfold in the last year.
TSLA:Nasdaq is down 1.57% premarket.