{"id":113085,"date":"2021-04-28T15:47:44","date_gmt":"2021-04-28T15:47:44","guid":{"rendered":"https:\/\/fin2me.com\/?p=113085"},"modified":"2021-04-28T15:47:44","modified_gmt":"2021-04-28T15:47:44","slug":"teslas-bitcoin-stash-grows-to-2-48b","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/teslas-bitcoin-stash-grows-to-2-48b\/","title":{"rendered":"Tesla's bitcoin stash grows to $2.48B"},"content":{"rendered":"

CoinFlip CEO wants his ATM’s in Elon Musk’s Tesla dealers<\/h2>\n

CoinFlip CEO Daniel Polotsky on potential partnership with Elon Musk, cryptocurrencies<\/p>\n

Tesla Inc. said on Wednesday that the fair market value of its bitcoin holdings was $2.48 billion, suggesting it is sitting on a sizeable gain on its initial investment. <\/p>\n

The Palo Alto, California-based electric-vehicle maker announced in February that it had invested an aggregate $1.5 billion in bitcoin, and said it would begin accepting the cryptocurrency as payment.  <\/p>\n\n\n\n\n\n
Ticker<\/th>\nSecurity<\/th>\nLast<\/th>\nChange<\/th>\nChange %<\/th>\n<\/tr>\n<\/thead>\n
TSLA<\/td>\nTESLA, INC.<\/td>\n698.33<\/td>\n-6.41<\/td>\n-0.91%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

"It is our intent to hold what we have long term and continue to accumulate Bitcoin from transactions from our customers as they purchase vehicles," said Tesla CFO Zachary Kirkhorn.<\/p>\n

While Tesla has plans to hold bitcoin over the long term, the company said on Monday that it booked a $101 million net profit from selling a portion of its holdings. Tesla said it does not mark its bitcoin position to market and therefore only recognizes a profit after it sells the cryptocurrency.   <\/p>\n

The company has not disclosed how many bitcoins it purchased nor how many bitcoins it has received through the sale of its vehicles.<\/p>\n

Bitcoin was trading around $40,000 per coin before Tesla announced it had purchased the cryptocurrency. The price rocketed to $46,000 on the day of the announcement and reached a high of more than $63,500 on April 12. Bitcoin’s price has since fallen to a low of $49,000 before rallying back to above $55,000.<\/p>\n

CLICK HERE TO READ MORE ON FOX BUSINESS<\/u><\/strong><\/p>\n

Tesla shares, meanwhile, topped out at $883.09 on Jan. 26 before falling to $704.74 on Tuesday. They were down 0.1% this year after gaining 743% in 2020.<\/p>\n

Tesla believes in the "long term value of bitcoin," Kirkhorn said. <\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

CoinFlip CEO wants his ATM’s in Elon Musk’s Tesla dealers CoinFlip CEO Daniel Polotsky on potential partnership with Elon Musk, cryptocurrencies Tesla Inc. said on […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nTesla's bitcoin stash grows to $2.48B - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/teslas-bitcoin-stash-grows-to-2-48b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tesla's bitcoin stash grows to $2.48B - Fin2me\" \/>\n<meta property=\"og:description\" content=\"CoinFlip CEO wants his ATM’s in Elon Musk’s Tesla dealers CoinFlip CEO Daniel Polotsky on potential partnership with Elon Musk, cryptocurrencies Tesla Inc. said on [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/markets\/teslas-bitcoin-stash-grows-to-2-48b\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-28T15:47:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2018\/07\/854081161001_5803074673001_5803074389001-vs.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/markets\/teslas-bitcoin-stash-grows-to-2-48b\/\",\"url\":\"https:\/\/fin2me.com\/markets\/teslas-bitcoin-stash-grows-to-2-48b\/\",\"name\":\"Tesla's bitcoin stash grows to $2.48B - 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