Electric vehicle company Tesla has acquired $1.5 billion worth of Bitcoin. According to a filing with the US Securities and Exchange Commission (SEC) on the 8th of February, Tesla is now the first S&P 500 company to invest in Bitcoin.
In the filing, Tesla said it updated its investment policy earlier this year, which was approved by the Adult Committee of the company’s Board of Directors. The updated policy allows Tesla to invest a portion of its cash in digital assets, gold bullion, gold exchange-traded funds, and other assets.
Tesla also announced that it may begin to accept Bitcoin as a form of payment in exchange for its products. The filing revealed:
“Moreover, we expect to begin accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt.”
Following Tesla’s announcement, the price of Bitcoin soared 13%, reaching a new all-time high of about $44,000. Currently, Bitcoin is up 13.68% to $42,902.92.
Before now, Tesla CEO Elon Musk declared his support for Bitcoin in a room on the social media app Clubhouse. He said Bitcoin was “on the verge of getting broad acceptance by conventional finance people.”
Image Credits: Pixabay
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