Tesla dumps Bitcoin but holds on to Dogecoin

Tesla’s second-quarter earnings results published on Wednesday July 20 yield few surprises for stakeholders, with bottlenecks in China hitting production output and operating margins taking a (slightly less than) expected 4.6% hit. But one revelation came as somewhat of a shock to the cryptocurrency market: Elon Musk’s electric vehicle giant has engaged in a mass disposal of its Bitcoin holdings over the last quarter, adding US$936mln in converted cash to the balance sheet.