Elon Musk is crypto-crazed at the moment. After hyping up Dogecoin all week, Tesla’s CEO finally pulled the trigger on Bitcoin: the company added $1.5B of the cryptocurrency to its balance sheet. 

Here’s what the company had to say in its SEC filing:

We hold and may acquire digital assets that may be subject to volatile market prices, impairment and unique risks of loss.

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. As part of the policy, which was duly approved by the Audit Committee of our Board of Directors, we may invest a portion of such cash in certain alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future. Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term. Moreover, we expect to begin accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt.

Bitcoin broke out to all-time highs, ticking nearly 45K on the news. Tesla’s paper gains today were over $190M— if it sold the coins right now, this quarter would be its second-most profitable ever. Woah. 

Here’s the Bitcoin daily chart:

What’s next? Will more companies follow in Elon’s footsteps??

Place your bets…