Tesla has bought $1.5 billion worth of bitcoin as part of a new investment policy, according to the company’s filing in the Securities and Exchange Commission (SEC).
The company explained it bought the cryptocurrency for “more flexibility to further diversify and maximize returns.”
Tesla also said it would start accepting bitcoin as a payment method for its products.
This happened after the company updated its investment policy in January 2021. Within the framework of the new one, it can invest part of the money in alternative reserve assets.
As previously reported, Tesla and SpaceX CEO Elon Musk has been credited for raising the prices of cryptocurrencies, including bitcoin, through his messages on Twitter. Bitcoin jumped to $37,050 after he changed his Twitter bio to mention the cryptocurrency.