Tesla sold 75% of its Bitcoin, worth approximately $936 million, according to its Q2 earnings report.
In its after-market earnings announcement, Elon Musk said in a shareholder presentation that “Bitcoin impairment” had a negative impact on its profitability during the second quarter, when it posted $2.5B in operating income.
The crypto market immediately reacted to the news.
Bitcoin (BTC), which made it above $24,000 on Wednesday, dropped sharply right after markets closed at 4 p.m. Eastern Time. It was trading at $23,078.18 at the time of writing, down 2.5% in the last hour, according to CoinMarketCap.