Tesla buys $1.5 billion in bitcoin and plans to start accepting it as payment for products

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Tesla Inc CEO Elon Musk dances onstage during a delivery event for Tesla China-made Model 3 cars in Shanghai, China, January 7, 2020.

Aly Song | Reuters

Tesla announced Monday that it bought $1.5 billion worth of bitcoin, according to a filing with the SEC.

The company said it bought the bitcoin for “more flexibility to further diversify and maximize returns on our cash,” according to the filing. In addition to the purchase, Tesla said it would start accepting payments in bitcoin in exchange for its products as well.

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