Tesla dumped 75% of its bitcoin at one of the worst times, losing out on billions
Tesla missed on the top and bottom lines in the second quarter, but another miss was buried in its investor deck.
The company’s digital assets are currently valued at $1.24 billion.
That’s up substantially from $722 million a year ago. But anyone who’s been following the crypto market knows that the figure represents a lost opportunity amounting to billions of dollars in missed gains for the electric vehicle maker.
$BTC Bitcoin is trading near a record and is up 80% over the past year. Tesla sold 75% of its holdings in mid-2022, when the digital currency was trading at a fraction of its current price.
While CEO Elon Musk has made clear that the future of his electric vehicle company is about robotaxis and humanoid robots — not about crypto investments — the business in its current form is struggling and could use the cash boost.
