Tesla Inc announced it had invested around $1.5 billion in bitcoin and planned to start accepting payments for its cars and other goods with it in the near future.
The announcement came after Elon Musk invited investors to purchase Dogecoin and GameStop shares.
Musk tweeted a week ago that bitcoin was’ on the verge’ of being more generally embraced by investors.
In a filing, Tesla said the decision was part of its broad investment policy as a company and was intended to diversify and maximize its cash returns.
“Under the changed policy, it said it had invested an aggregate $1.5 billion in bitcoin and could “obtain and hold digital assets from time to time or long-term.
As the news broke, Bitcoin surged more than 7% to more than $40,000 per coin.