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Tesla purchased $1.5 billion in Bitcoin in January in one of the largest investments in cryptocurrency by a publicly traded company.
The purchase was made as part of a shift in investment policy. As part of the policy, the company may purchase or hold "digital assets" such as Bitcoin "from time to time or long-term," according to a new SEC filing. The company also plans to begin accepting Bitcoin as a form of payment, according to the filing.
"In January 2021, we updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity," the company wrote in the filing.
Anna Kramer is a reporter at Protocol (@ anna_c_kramer), where she helps write and produce Source Code, Protocol's daily newsletter. Prior to joining the team, she covered tech and small business for the San Francisco Chronicle and privacy for Bloomberg Law. She is a recent graduate of Brown University, where she studied International Relations and Arabic and wrote her senior thesis about surveillance tools and technological development in the Middle East.