Tesla executives revealed that the company had sold 75% of its Bitcoin assets, adding $936 million in cash to its balance sheet.
Tesla reportedly sold the coins for $28,888 each, a discount of nearly 9% to their average purchase price of $31,620.
Tesla said in its second quarter 2022 earnings report that it was dealing with inflation and a general economic recession, as well as a slump in the price of Bitcoin and other cryptocurrencies.
Tesla invested $1.5 billion in bitcoin last year, and in its latest report, tesla said its remaining "digital assets" were worth $218 million, compared with about $1.2 billion the company had reported in previous quarters.
Tesla reported second-quarter revenue of $16.934 billion, up 42% from a year earlier; Net profit was $2.259 billion, up 98 percent year on year.