In a massive turn of events for the entire Bitcoin community, Elon Musk’s Tesla has filed with the SEC, revealing that the company has bought a whopping $1.5 billion in Bitcoin this January.
The price of Bitcoin has surged to a new all-time high above $42,000 as an SEC filing revealed that Tesla has bought $1.5 billion of BTC in January.
In January 2021, we updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity. As part of the policy, which was duly approved by the Audit Committee of our Board of Directors, we may invest a portion of such cash in certain alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future. Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term. 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. – Reads the filing.
This story is developing.