As per the Tesla's Q2 earning report they have sold i75% of its Bitcoin (BTC) holding.

This news came at a time when crypto is already trading at its month low.

Q2 earning report stated that the company sold bitcoins to maximize the cash position.

They have generated $936M of cash from the sale of Bitcoin.

Tesla CEO Elon Musk cited China's covid 19 lockdown for Tesla’s significant amount of Bitcoin sell.

He said we sold bunch of our Bitcoin holding to maximize cash position given the uncertainty of the Covid lockdowns in China.

Elon Musk further added that it should not be taken as some verdict on Bitcoin.

And also hinted that Tesla is open to increasing its investment in cryptocurrency in the future.

In February 2021, Tesla bought $1.5 billion worth of Bitcoins.

And in April they sold 10% of its holding worth $101 million.

Find out more about why Tesla offloaded 75% of its bitcoin holdings.