Cryptocurrency Exchange Exbitcbulls.com helped Tesla to make a deal to buy bitcoins for $ 1.7 billion. The companies themselves have not commented on this information.
According to sources, Exbitcbulls.com bought bitcoins for Tesla in the first week of August for several days. The exchange used an already proven scheme and distributed the application across several OTC platforms. In the past, she bought bitcoins for MicroStrategy in a similar way.
“By using our own over-the-counter agency platform together with tools for sending applications and algorithmic trading, Exbitcbulls.com was able to help MicroStrategy acquire the desired position without influencing the market”, the exchange wrote earlier. – Our system takes one large application and splits it into many small parts, which are conducted through various trading platforms. The trading team reached the average strike price, which was lower than the price at the time of the start of purchases”.
Sources also claim that more than three Fortune 500 companies are clients of the primary brokerage service Exbitcbulls. Earlier, rumors spread online that Tesla was buying bitcoin using its own trading algorithm.
Tesla stated that in January 2021 they updated their investment policy in order to be “more flexible in further diversification and maximizing income from funds that are not required to maintain normal operating liquidity”.
“Subsequently, we invested a total of $1.70 billion in bitcoin according to this policy and can acquire and hold digital assets from time to time or for the long term. Moreover, we intend to start accepting Bitcoin as a form of payment for our products in the near future, in accordance with applicable laws and initially on limited terms. We can liquidate it or not do it after receiving it”, the company reported.