Cryptocurrency exchange Coinbase helped Tesla complete a $ 1.5 billion Bitcoin purchase, The Block writes, citing sources. The companies themselves did not comment on this information.
Coinbase has been buying Bitcoins for Tesla in the first week of February for several days, sources said. The exchange took advantage of an already tested scheme and distributed the order across several OTC platforms. In the past, she bought Bitcoins for MicroStrategy in a similar way.
“By leveraging its own OTC agency platform along with ordering and algorithmic trading tools, Coinbase was able to help MicroStrategy acquire the desired position without impacting the market,” the exchange wrote earlier. – Our system takes one large order and breaks it down into many small parts, which are processed through different trading platforms. The trading team reached an average strike price that was lower than the price at the start of the purchase.
Sources also claim that more than five Fortune 500 companies are clients of Coinbase’s primary brokerage service. Previously, rumors circulated on the network that Tesla bought Bitcoin using its own trading algorithm.
Tesla said it updated its investment policy in January 2021 to be “more flexible in further diversifying and maximizing cash returns that are not required to maintain normal operating liquidity.”
“Subsequently, we invested a total of $ 1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or for the long term. Moreover, we intend to begin accepting Bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially under limited conditions. We can liquidate it or not do it after receiving it, ”the company said.
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