Tesla Inc. invested $1.5 billion in Bitcoin and signaled its intent to begin accepting the cryptocurrency as a form of payment, sending prices to a new record.
The electric-car market leader said in a filing Monday that it made the bet on Bitcoin after updating its investment policy last month to allow the company to invest in digital assets as well as gold bullion and gold exchange-traded funds.
“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,” Tesla said in the securities filing.
Bitcoin price rose as much as 13% to an all-time high of $43,725.51 on the news. It was up about 10% at $42,620 at 8:08 a.m. in New York.
Chief Executive Officer Elon Musk has often tweeted about cryptocurrency-related topics and earlier this month called Bitcoin “a good thing” in an interview.