Electric car maker Tesla has invested $1.5B in Bitcoin, according to a report filed by the company with the US Securities and Exchange Commission (SEC).
In addition, Tesla plans to introduce Bitcoin as a means of payment.
Tesla updated its investment policy in January in order "to provide the company with more flexibility to further diversify and maximize returns on its cash that is not required to maintain adequate operating liquidity," the report reads. In this regard, an audit committee has been created under the board of directors that allows the company to "invest a portion of such cash in certain alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets." Tesla added:
"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."
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The price of the crypto has surpassed $43,000 after this news was released and continues to grow.