Kathmandu,

July 21,

Business tycoon Elon Musk-owned electric vehicle making company Tesla has sold a significant amount of its Bitcoin holdings, the firm said in a statement. Reporting its earnings for Q2, the company said that it had sold 75 per cent of its Bitcoin holdings, an investment that helped the world’s now-largest cryptocurrency by market cap, to achieve that position and surge rapidly in terms of value.

“As of the end of Q2, we have converted approximately 75 per cent of our Bitcoin purchases into fiat currency,” said Tesla in a shareholder letter on Wednesday, as part of its company earnings report. “Conversions in Q2 added $936M of cash to our balance sheet," it said.