It hasn't gone as well as it could have.
The company stated in its earnings report that it has sold three quarters of its holdings of the virtual currency.
At the end of the second quarter, we have converted 75% of our purchases into currency other than dollars. The cash was added to the balance sheet by conversions in the second quarter.
The company invested over a billion dollars in the digital currency. If 75% of that netted $936 million in cash, that means the company lost $189 million on its bet, which isn't that bad considering how low the price of Bitcoins went earlier this year.
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The electric car maker said it would accept the virtual currency as payment for its cars. It lasted for a couple of months, though CEO Musk did say that he would resume purchases of the virtual currency when it got green. Musk said at the time thatTesla wouldn't be selling anycryptocurrencies.
During the company's earnings call Wednesday, Musk said that it was important tomaximize the company's cash position because of the uncertainty of China. He said that the company's decision to sell Bitcoin should not be seen as a judgement on the coin, and that they are open to buying it again.
Musk said on the earnings call that the company has not sold any of the Doge it owns. In January of 2022,Tesla began accepting thecryptocurrencies for some of its merchandise, and later expanded that to accept DOGE at some Supercharging stations. There is no way to know how much Doge coin is owned byTesla. The shareholder deck states that the company has $218 million in "digital assets." The majority of that is in the form of virtual currency.