American carmaker Tesla Inc. may have already let go of some of its Bitcoin in the second quarter, according to an opinion piece on Bloomberg.
- Tesla may have been tempted to unload Bitcoin due to pressure on its quarterly earnings after a steep fall in April which slightly recovered in May. They need to deliver nearly 360,000 vehicles this month to match first-quarter sales.
- The company will have to do more than just match vehicle sales in the previous quarter when the bottom line relied heavily on sales of regulatory credits and Bitcoin.
- Another possible reason is the movement in the price of Bitcoin, which would dictate the company booking a loss. Tesla on February 8 said it purchased $1.5 billion Bitcoin. The year-to-date average price then was $35,150.
Chief Executive Officer Elon Musk in May said Tesla will not sell any Bitcoin and intends to use the digital token for transactions in the future. TSLA is up 0.38%, while BTC/USD is up 6.68%.