Tesla unloaded a portion of its Bitcoin holdings to display its liquidity as an alternative to fiat currencies, its chief Elon Musk revealed.

  • 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.