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

The publicly traded Tesla announced in a Form 10-K filed with the Securities and Exchange Commission (SEC) that the company had acquired $1.5 billion worth of bitcoins. When the news broke, the price of leading crypto assets jumped by more than 15%, reaching a new all-time high of $44,899 per coin.

Tesla, an American electric vehicle and clean energy company based in Palo Alto, California, has announced that it has invested in bitcoin (BTC). This follows a large number of Dogecoin (DOGE) tweets from Tesla founder Elon Musk over the past two weeks.

Tesla’s fiscal 2020 10-K filing with the SEC shows the company has $1.5 billion in bitcoin.

This announcement was found in the SEC’s Form 10-K filing, which states that a company may own and acquire digital assets that may be subject to market price fluctuations, depreciation, and unique risks of loss.

In January 2021, we updated our investment policy to give us greater flexibility in further diversifying our cash that is not needed to maintain adequate operating liquidity and maximize its return, according to the Tesla 10k SEC filing.

Under a policy duly approved by the Audit Committee of the Board of Directors, we may invest a portion of such cash in certain alternative reserve assets, including digital assets, gold coins, exchange-traded gold funds and other assets to be determined in the future. As a result, we have invested a total of $1.50 billion in bitcoin under the policy and may acquire and hold digital assets from time to time or on a long-term basis, the SEC filing notes.

products Following Tesla’s SEC filing, the price of bitcoin (BTC) rose to $44.899 Monday morning.

In addition, Tesla indicates in its application that the company will start accepting bitcoin (BTC) as a payment method for Tesla products.

In addition, we plan to begin accepting Bitcoin as payment for our products in the near future, in accordance with applicable law and initially on a limited basis, which we may or may not resolve upon receipt, of Tesla’s deposit data.

Naturally, the crypto community was extremely pleased to learn that Tesla is now a bitcoin holder and has BTC on its balance sheet. The price of bitcoin (BTC) has literally gone up by about $4,000 since the Tesla news went viral.

Large short positions in BTC were immediately liquidated at $42,700 each. After Barry Silbert, founder of the Digital Currency Group, tweeted about the competition between Microstrategy and Grayscale, Silbert welcomed Elon Musk into the race.

Player 3 is in the race. Good luck, Elon Musk, Silbert tweeted. At the time of publication, bitcoin (BTC) is changing hands at prices between $43,000 and $44,000.

What do you think about Tesla adding $1.5 billion to its balance sheet? Let us know what you think in the comments below.

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frequently asked questions

Does Tesla accept bitcoins?

Tesla will hold the digital currency instead of converting payments to dollars, and will manage the crypto operations internally, Musk said. … Bitcoins paid to Tesla will be kept as bitcoins and not converted to fiat currency, Musk said in a tweet.

How much has Tesla earned from bitcoin?

Analysts estimate that Tesla has made about $1 billion from its bitcoin investments. According to estimates by analyst Daniel Ives of Wedbush Securities, Tesla has made about $1 billion in paper profits from its bitcoin investments.

Who will have the most bitcoins in 2021?

MicroStrategy: $2.19 billion While Tesla is the largest buyer of bitcoin in 2021 among publicly traded companies, the largest overall buyer since last summer is MicroStrategy (NASDAQ:MSTR), a business intelligence software company.

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