Tesla Invests $1.5B in Bitcoin, Plans to Add Crypto Payments
- Following the news about Tesla’s investment, BTC surged over 15% reaching a new ATH.
- Under its new investment strategy, the company might acquire and hold more cryptocurrencies in the future.
Tesla CEO Elon Musk in California City, California, USA on 14 December 2020. Shutterstock
The electric car manufacturer introduced a new investment policy in January to further diversify and maximize returns.
According to the company’s latest filing with the Securities and Exchange Commission (SEC), Tesla has bought $1.5 billion worth of Bitcoin last month and may acquire and hold more digital assets in the future.
Under the new investment policy, the company also expects to begin accepting BTC as a form of payment for its products “in the near future,” it said in the filing.
Tesla’s Bitcoin investment represents a significant percentage of the company’s funds. The car manufacturer had more than $19 billion in cash and cash equivalents at the end of 2020, its most recent SEC filing showed.
Immediately after Tesla’s announcement, Bitcoin saw its price increase by more than 15%, reaching an all-time high of over 43,600.
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- The company’s 10-Q filing with the SEC revealed Tesla had made a $64 million profit from selling its Bitcoin in the second quarter of 2022.
- The electric car manufacturer also reported an impairment loss of $170 million, which was the result from changes to the carrying value of its BTC holdings.