Tesla, which announced a major investment in Bitcoin last year, is now selling most of its holdings in cryptocurrencies.
The electric vehicle company has offloaded
of Bitcoin. It was worth about
1.7 billion) at the end of 2021.
This year, the value of cryptocurrencies has fallen by more than 50%, so it is retreating.
Tesla said it bought traditional currencies for $ 936 million (£ 782 million) from Bitcoin sales.
Tesla CEO Elon Musk is the most well-known proponent of cryptocurrencies, and his social media announcements often trigger significant trading activity.
In February 2021, it was revealed that Tesla's $
billion investment in Bitcoin led to a surge in currency demand.
The price of the infamous volatile cryptocurrency soared to about
in November before it plummeted in the past year.
Tesla stopped accepting Bitcoin as a car payment last year because of concerns about the climate impact of energy-intensive Bitcoin mining.
At the time, Musk said on social media that he would not sell Bitcoin owned by the company.
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