Tesla has made a large purchase of bitcoin to diversify its assets as it plans to accept the cryptocurrency for payments.
In a recent filing with the US Securities and Exchange Commission (SEC), Tesla announced that it has purchased $1.5bn worth of bitcoin which helped push the price of the cryptocurrency past $40k per coin. According to the filing, the US automaker said that it updated its investment policy in January to provide the company “with more flexibility to further diversify and maximize returns” on its cash. As part of the policy, Tesla plans to invest a portion of its cash reserves into “digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future”.
