Electric vehicle maker Tesla (TSLA) sold $936 million worth of bitcoin in the second quarter, the company said on Wednesday, citing the uncertainty surrounding a shutdown in China due to COVID-19.
Tesla’s remaining digital assets are $218 million, a sharp drop from its previous $1.2 billion hoard that has remained untouched for the previous three quarters.
“As of the end of the second quarter, we had converted about 75% of our bitcoin purchases into fiat currency. Q2 conversions added $936 million in cash to our balance sheet,” the company said in its earnings report.