Automaker Tesla bought $1.5 billion worth of Bitcoin, according to a filing with the Securities and Exchanges Commission (SEC).
The carmaker said it would also start accepting Bitcoin as a payment method for its products in a bit to bring more flexibility to further diversify and maximize returns on cash, CNBC reported.
The company said it will now be open to customers paying in bitcoin for purchases of their products. This would make Tesla the first automaker to employ bitcoin as method of purchase for goods.
Bitcoin prices surged to new highs Monday following Tesla’s announcement, reaching a price of at least $43,200. Shares of the automaker also rose above 2 percent in pre-market trading.