SLianGuaiceX has sold $373 million worth of Bitcoin

SLianGuaiceX sold $373 million in Bitcoin.

Author: TURNER WRIGHT, COINTELEGRAPH; Translation: Song Xue, LianGuai

According to reports, SLianGuaiceX has reduced the value of its Bitcoin holdings by a total of $373 million and may have sold all of its Bitcoin holdings.

According to The Wall Street Journal on August 17th, SLianGuaiceX recorded a value of $373 million in Bitcoin holdings on its balance sheets for 2021 and 2022, but has since sold the Bitcoin.

It has not yet been confirmed whether all of the $373 million worth of Bitcoin has been sold.

According to reports, The Wall Street Journal reviewed the company’s financial documents, which showed that total expenses for 2022 were approximately $5.2 billion, and expenditures for acquisitions of property and equipment in 2021 and 2022, excluding R&D costs, were $5.4 billion.

SLianGuaiceX CEO Elon Musk announced publicly in 2021 that the company had acquired a certain amount of Bitcoin. Previously, a filing submitted to the U.S. Securities and Exchange Commission showed that another company co-founded by Musk, Tesla, planned to purchase $1.5 billion worth of crypto assets. This news may have caused the BTC price to reach a new all-time high of over $43,000.

According to Tesla’s Q2 2023 earnings report, the company has sold its $184 million worth of Bitcoin holdings, leaving only $184 million worth of Bitcoin. Tesla reported that it liquidated over 30,000 Bitcoins, worth $936 million, in Q2 2022, accounting for approximately 75% of its initial $1.5 billion Bitcoin holdings.

Musk is one of the richest people in the world and frequently comments on certain cryptocurrencies, including Dogecoin and Bitcoin, on social media. He even briefly changed the Twitter logo to a DOGE Shiba Inu. Since acquiring Twitter (later renamed X) for $44 billion in October 2022, he has stated that the platform could provide “the entire financial world,” including banking and payment services.

The timing of SLianGuaiceX’s Bitcoin sell-off is unclear, but the cryptocurrency market experienced a severe crash in 2022 due to the collapse of major companies, including Terraform Labs. Many tech companies and financial institutions continue to hold Bitcoin and other cryptocurrencies.