Tesla Has $1.5 Billion Worth of Bitcoin on Its Balance Sheet, Plans to Accept BTC for Products – Bitcoin News

The publicly listed firm Tesla has announced in a Securities and Exchange Commission (SEC) Form 10-k filing that the company has purchased $1.5 billion worth of bitcoin. When the news broke, the price of the leading crypto asset jumped well over 15%, touching a new all-time price high at $44,899 per coin.

Tesla, the American electric vehicle and clean energy company based in Palo Alto, California has revealed the company has invested in bitcoin (BTC). This is following the great number of dogecoin (DOGE) tweets stemming from the Tesla founder Elon Musk during the last two weeks.

Tesla Has $1.5 Billion Worth of Bitcoin on Its Balance Sheet, Plans to Accept BTC for Products
The 10-k SEC filing submitted by Tesla for the fiscal year 2020 shows the company owns $1.5 billion worth of bitcoin.

The announcement was found in a SEC Form 10-k filing which says the firm may “hold and may acquire digital assets that may be subject to volatile market prices, impairment and unique risks of loss.”

“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,” the Tesla 10-k SEC filing continues.

“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,” the SEC filing notes.

Tesla Has $1.5 Billion Worth of Bitcoin on Its Balance Sheet, Plans to Accept BTC for Products
After the Tesla SEC filing was made public, the price per bitcoin (BTC) skyrocketed to $44,899 on Monday morning.

Additionally, Tesla detailed in the filing that the company will begin to accept bitcoin (BTC) as a form of payment for Tesla products.

“Moreover, we expect to begin accepting bitcoin as a form of payment for our products in the…

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