Bitcoin gives up some gains as Elon Musk's Tesla sells 75% of BTC stash
Dimitrios Kambouris


Bitcoin (BTC-USD) is giving up some earlier gains in late Wednesday afternoon trading, as Tesla (NASDAQ:TSLA) disclosed in its Q2 earnings report that it has sold 75% of its position in the cryptocurrency worth $936M.
Over the past 24 hours, the world's largest digital token by market cap (BTC-USD) is flipping to negative territory, changing hands at $23.3K as of shortly before 5:30 p.m. ET vs. an intraday high of $24.2K.

The move comes even after Tesla (TSLA) CEO Elon Musk's remarks in March that he wasn't planning to sell his personal stakes in bitcoin (BTC-USD), ethereum (ETH-USD) and dogecoin (DOGE-USD).
Since then, bitcoin (BTC-USD) is off nearly 41%, ether (ETH-USD) is down around 40% and doge (DOGE-USD) -39% in the wake of a broad market downturn, according to this chart.
This isn't the first time that Tesla (TSLA) liquidated some of its bitcoin (BTC-USD) stash. The electric car manufacturer sold $300M of BTC in Q1 2021 for what looked to be a decent profit.
Previously, (June 13) Tesla could take a big loss on its Bitcoin bets.