Tesla, which caused a stir when it disclosed a sizable investment in Bitcoin last year, has since sold off the majority of its assets.
The electric car company sold 75% of its Bitcoin, which had a value of around $2 billion (£1.7 billion) at the end of 2021.
It is pulling back as the cryptocurrency’s value has plummeted, plunging by more than 50% this year.
Tesla said that it spent the $936 million (£782 million) from its Bitcoin sales on conventional money.
Elon Musk, the CEO of Tesla, has been one of the most well-known proponents of cryptocurrencies, and his comments on social media frequently spark major trading activity.
Tesla’s $1.5 billion investment in Bitcoin, which was made public in February 2021, increased interest in the currency. The famously unstable cryptocurrency’s price surged to almost $70,000 in November of last year before plummeting.
Nowadays, the price of one Bitcoin is less than $25,000.
On social media at the moment, Mr. Musk said that the business would not be selling its Bitcoin holdings.
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