According to its filing with the SEC, the electric car company reported receiving a single direct investment from a Bitcoin trader, perhaps taking the spot of Barry Silbert's Digital Currency Group as one of Bitcoin's most visible champions. The investment was reported to be the largest of its kind.
The bitcoin merchant that owns $1.5 billion in Tesla stock reportedly told Tesla that the investment is meant to generate cryptocurrency exposure and accelerate the adoption of its vehicles, according to Tesla's filing.
At the moment, Tesla has an exclusive agreement with a handful of dealerships in a handful of states to install the cryptocurrency-enabling "pay with bitcoin" option in its vehicles. The service is available in California, Connecticut, Florida, New Hampshire, New Jersey, Ohio, Texas, Utah, and Washington.
Tesla was recently asked by CNBC to clarify how much of its stock it will be spending on the promotion.
Electrek notes:
Regarding the controversial cryptocurrency offering, Tesla said it would disclose more information on its cryptocurrency initiatives, including how much it's planning to spend on it. However, Tesla has not disclosed the amount spent on the Bitcoin promotion as of yet.
Is Tesla Selling Bitcoin Shares?
Not quite. The disclosure just states "our exchange-traded fund, the Tesla Shares VTT, L.P., may be sold for delivery to investors in bitcoin," with no suggestion of how many shares Tesla will be selling or where they will be purchased.
That would likely change with an updated SEC filing.
Could Tesla now be selling Bitcoin shares in the U.s. or internationally? It's likely, considering its proposal described the promotion as an international offering. Tesla had already disclosed plans for an international offering, according to its annual report filed with the SEC.