Tesla Inc has revealed that it had invested around $1.5 billion in bitcoin. Tesla also announced its intention to begin accepting payment for its cars and other products with it in the near future.
The announcement prompted a 7% jump in the cryptocurrency.
Tesla said in a filing the decision was part of its broad investment policy as a company and was aimed at diversifying and maximizing its returns on cash.
It said it had invested an aggregate $1.5 billion in bitcoin under the changed policy and could “acquire and hold digital assets from time to time or long-term”.
Bitcoin surged after Tesla made the disclosure to hit a record high