Elon Musk apparently isn’t trying to hodl Tesla’s bitcoin during a crypto winter.
During the company’s Q2 earnings report, the electric car company revealed it has sold 75% of its bitcoin holdings this quarter. The company sold the coins for $963 million.
Tesla said the value of its remaining “digital assets” is $218 million.
In February of last year, the company announced it had purchased $1.5 billion worth of the cryptocurrency with its balance sheet capital and furthermore that they would soon accept bitcoin as payment for its vehicles. That announcement sent the crypto markets into a frenzy driving a number of cryptocurrency prices up and cementing Musk as a de facto crypto leader. Later, when he suddenly announced that they were abandoning plans to accept crypto payments, much of that goodwill with the community was reversed.
The company’s selloff comes after a steep decline in the price of cryptocurrencies across the board, including both Bitcoin and Dogecoin, which Musk has personally supported in his social media postings and in his position as CEO of Tesla.
In an earnings call, the company’s executives said the reason for the sale was a desire to maximize cash positions during the uncertainty of China’s COVID lockdowns.
“We are certainly open to increasing bitcoin holdings in future. So this should not be taken as some verdict on Bitcoin. It’s just that we were concerned about overall liquidity for the company given COVID shutdowns in China,” Tesla CFO Zachary Kirkhorn said.
Disrupt 2026: The tech ecosystem, all in one room
Your next round. Your next hire. Your next breakout opportunity. Find it at TechCrunch Disrupt 2026, where 10,000+ founders, investors, and tech leaders gather for three days of 250+ tactical sessions, powerful introductions, and market-defining innovation. Register now to save up to $400.
Save up to $300 or 30% to TechCrunch Founder Summit
1,000+ founders and investors come together at TechCrunch Founder Summit 2026 for a full day focused on growth, execution, and real-world scaling. Learn from founders and investors who have shaped the industry. Connect with peers navigating similar growth stages. Walk away with tactics you can apply immediately
Offer ends March 13.
The company’s Q2 earnings report, which beat expectations with $2.26 billion in profit, didn’t affect the stock price much at the time of writing in after-hours trading.
Rebecca Bellan contributed to reporting.
Dogecoin investor sues Elon Musk, Tesla and SpaceX for $258 billion
