Elon Musk reignited his curious Twitter relationship with bitcoin on Sunday, giving the cryptocurrency a small boost.

More pertinent to Tesla Inc. shareholders, however, is the hit to the companys bottom line this quarter from Mr. Musks sometimes hot, sometimes cool attitude toward bitcoin.

Mr. Musk is widely blamed by investors for starting the digital currencys most punishing slide of the year after announcing on Twitter that Tesla would stop accepting bitcoin as payment for its electric vehicles. He added fuel to the fire earlier this month, tweeting breakup memes with #bitcoin and a broken-heart emoji. Bitcoin had slumped 30% since the original May 12 tweet.

On Sunday, Mr. Musk said Tesla would resume bitcoin transactions when miners increase use of renewable energy sources.

The price jumped about 8% from its Friday 5 p.m. EDT level to trade at about $39,816 Monday. He also said that Tesla had sold only about 10% of its bitcoin holdings earlier this year to confirm that the cryptocurrency could be liquidated easily without moving market.

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Bitcoin on the Balance Sheet Is an Accounting Headache for Tesla, Others - The Wall Street Journal