Tesla buys $1.5B in Bitcoin, will accept as payment soon

Tesla has acquired around $1.5 billion in Bitcoin under an investment policy at the electric car maker headed by Elon Musk, and it plans to begin accepting the digital currency as payment for vehicles soon.

The California company revealed the new strategy in a filing with the U.S. Securities and Exchange Commission early Monday, saying its investment in digital currency and other “alternative reserve assets” may grow.

Bitcoin spiked 14% and appeared to briefly hit a new all-time high. Shares of Tesla moved higher as well.

In its fourth quarter earnings report last month Tesla said it had cash and cash equivalents of $19.4 billion.

More In Business

A Housing Fix or a Political Play? Trump Targets Institutional Buyers

Jeff Ostrowski, Housing Market Analyst at Bankrate, analyzes whether banning corporate buyers would help affordability or worsen supply shortages.

Big Business This Week: Will pressure on Fed chair Powell backfire?

The last 12 months have seen an extraordinary change in the way the U.S. economy works. Some analysts say that hasn’t been working out very well.

Oil Under U.S. Control? Breaking Down the Maduro Capture and Market Impacts

The U.S. is asserting control over Venezuelan oil after capturing President Maduro. Energy reporter Ben Geman of Axios breaks down what it means for markets and

From Stigma to Strategy: The Next Chapter for U.S. Cannabis Investing

Renewed investor interest and possible federal reforms may mark a turning point for U.S. cannabis. AdvisorShares’ Dan Ahrens explains what’s next.

Is Silver the Next Gold? Expert Predicts Historic Rally Ahead

Silver is back in the spotlight as supply constraints, surging industrial demand, and macro trends push prices high, possibly heading toward $100/ounce.

Is the U.S. Job Market Losing Steam? Inside the “Stall Speed” Economy

With paid job posts down 13%, LinkedIn’s Kory Kantenga explains what the latest labor data signals for workers and employers.

Load More