London Daily

Focus on the big picture.
Thursday, Oct 09, 2025

Bitcoin suffers briefly after Tesla sells majority of its holdings

Bitcoin suffers briefly after Tesla sells majority of its holdings

Tesla bought $1.5bn (£1.2bn) of bitcoin more than a year ago, but on Wednesday it said it had sold $936m (£783m) during its second financial quarter.
Bitcoin lost half-a-percent overnight after Tesla said it had sold about 75% of its holdings of the virtual token.

The world's largest cryptocurrency slid to $23,268.92 (£19,489) after the news, although it rebounded later and was last up 1.41% at $23,578.75.

Tesla bought $1.5bn (£1.2bn) of bitcoin more than a year ago, but on Wednesday it said it had sold $936m (£783m) during its second financial quarter.

Tesla chief executive Elon Musk, a backer of cryptocurrency, said the main reason for the sell-off was uncertainty about China, which has seen its economy hit by strict 1COVID1 lockdowns.

Mr Musk, the world's richest man, said: "We are certainly open to increasing our bitcoin holdings in future, so this should not be taken as some verdict on bitcoin.

"It's just that we were concerned about overall liquidity for the company."

Laura Hoy, analyst at Hargreaves Lansdown, said: "The bitcoin losses point out an important part of the Tesla investment case - its eccentric owner.

"While Musk's impressive innovation has served the company well, his personal flair is starting to raise governance questions."

The news came as the electric carmaker reported that its total revenue had fallen to $16.93bn (£14.18bn) in the second quarter from $18.76bn (£15.71bn) a quarter earlier.

It said increasing the price of its best-selling vehicles had helped to offset challenges caused by China's 1COVID1 lockdowns.

The US price of Tesla's Model Y long-range version is up more than 30% since the start of 2021 to $65,990 (£55,270).

Mr Musk said he expected inflation to ease by the end of the year - having previously said he had a "super-bad feeling about the economy" - and his company promised a "record-breaking second half".

Tesla shares were up about 1% in after-hours trading, but were down about 40% from their November peak.
Newsletter

Related Articles

0:00
0:00
Close
France: Less Than a Month After His Appointment, the New French Prime Minister Resigns
Hungarian Prime Minister Viktor Orbán stated that Hungary will not adopt the euro because the European Union is falling apart.
Sarah Mullally Becomes First Woman Appointed Archbishop of Canterbury
Mayor in western Germany in intensive care after stabbing
Australian government pays Deloitte nearly half a million dollars for a report built on fabricated quotes, fake citations, and AI-generated nonsense.
US Prosecutors Gained Legal Approval to Hack Telegram Servers
Macron Faces Intensifying Pressure to Resign or Trigger New Elections Amid France’s Political Turmoil
Standard Chartered Names Roberto Hoornweg as Sole Head of Corporate & Investment Banking
UK Asylum Housing Firm Faces Backlash Over £187 Million Profits and Poor Living Conditions
UK Police Crack Major Gang in Smuggling of up to 40,000 Stolen Phones to China
BYD’s UK Sales Soar Nearly Nine-Fold, Making Britain Its Biggest Market Outside China
Trump Proposes Farm Bailout from Tariff Revenues Amid Backlash from Other Industries
FIFA Accuses Malaysia of Forging Citizenship Documents, Suspends Seven Footballers
Latvia to Bar Tourist and Occasional Buses to Russia and Belarus Until 2026
A Dollar Coin Featuring Trump’s Portrait Expected to Be Issued Next Year
Australia Orders X to Block Murder Videos, Citing Online Safety and Public Exposure
Three Scientists Awarded Nobel Prize in Medicine for Discovery of Immune Self-Tolerance Mechanism
OpenAI and AMD Forge Landmark AI-Chip Alliance with Equity Option
Munich Airport Reopens After Second Drone Shutdown
France Names New Government Amid Political Crisis
Trump Stands Firm in Shutdown Showdown and Declares War on Drug Cartels — Turning Crisis into Opportunity
Surge of U.S. Billionaires Transforms London’s Peninsula Apartments into Ultra-Luxury Stronghold
Pro Europe and Anti-War Babiš Poised to Return to Power After Czech Parliamentary Vote
Jeff Bezos Calls AI Surge a ‘Good’ Bubble, Urges Focus on Lasting Innovation
Japan’s Ruling Party Chooses Sanae Takaichi, Clearing Path to First Female Prime Minister
Sean ‘Diddy’ Combs Sentenced to Fifty Months in Prison Following Prostitution Conviction
Taylor Swift’s ‘Showgirl’ Launch Extends Billion-Dollar Empire
Trump Administration Launches “TrumpRx” Plan to Enable Direct Drug Sales at Deep Discounts
Trump Announces Intention to Impose 100 Percent Tariff on Foreign-Made Films
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Singapore and Hong Kong Vie to Dominate Asia’s Rising Gold Trade
Trump Organization Teams with Saudi Developer on $1 Billion Trump Plaza in Jeddah
Manhattan Sees Surge in Office-to-Housing Conversions, Highest Since 2008
Switzerland and U.S. Issue Joint Assurance Against Currency Manipulation
Electronic Arts to Be Taken Private in Historic $55 Billion Buyout
Thomas Jacob Sanford Named as Suspect in Deadly Michigan Church Shooting and Arson
Russian Research Vessel 'Yantar' Tracked Mapping Europe’s Subsea Cables, Raising Security Alarms
New York Man Arrested After On-Air Confession to 2017 Parents’ Murders
U.S. Defense Chief Orders Sudden Summit of Hundreds of Generals and Admirals
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
Trump Claims FBI Planted 274 Agents at Capitol Riot, Citing Unverified Reports
India: Internet Suspended in Bareilly Amid Communal Clashes Between Muslims and Hindus
Supreme Court Extends Freeze on Nearly $5 Billion in U.S. Foreign Aid at Trump’s Request
Archaeologists Recover Statues and Temples from 2,000-Year-Old Sunken City off Alexandria
China Deploys 2,000 Workers to Spain to Build Major EV Battery Factory, Raising European Dependence
Speed Takes Over: How Drive-Through Coffee Chains Are Rewriting U.S. Coffee Culture
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Ringo Starr Champions Enduring Beatles Legacy While Debuting Las Vegas Art Show
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
×