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Tesla Sells $272M Worth of Its BTC to Prove Bitcoin Liquidity

Is-Elon-Musk-Behind-on-Pump-and-dump-on-Bitcoin-he-replies
  • Tesla has sold $272 million worth of its Bitcoin holdings.
  • The company sold BTC to test the liquidity of Bitcoin on its balance sheet.

Electric car company Tesla has sold about $272 million worth of its Bitcoin holdings. The company sold the said amount of BTC to prove the liquidity of Bitcoin on its balance sheet.

According to a report, the traded $272 million worth of BTC amounts to about 10% of the existing $1.5 billion bitcoins of Tesla. As per the firm’s Q1 shareholder update, after selling the $272 million worth of its BTC, the company’s total amount of Bitcoin left on its balance sheet is $1.331 billion.

Furthermore, the Bitcoin sale has eventually pushed over $101 million “positive impact” on Tesla’s first-quarter profit. Meanwhile, Tesla’s BTC sale news has not had any obvious effect specifically on Bitcoin price yet. However, it put some sensation across Bitcoin users.

Prior to Tesla’s BTC sale update, Dave Portnoy also disclosed that he owns about 1 Bitcoin.

Replying to Tesla, Portnoy tweeted,

So am I understanding this correctly? @elonmusk buys #bitcoin. Then he pumps it. It goes up.  Then he dumps it and makes a fortune. Listen I own 1 #Bitcoin but #bitcoin is exactly who we thought it was.

In addition, Tesla CEO Elon Musk saw Portnoy’s tweet and responded that he has not personally sold none of his Bitcoin. Rather, Tesla took a step forward by selling 10% of its Bitcoins just to prove the liquidity of Bitcoin assets on its balance sheet.

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Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.