I think Tesla want's to start accepting bitcoin as payment. This is my speculation, but this kind of acquisition makes sense if they also want to render payment

I think Tesla want's to start accepting bitcoin as payment. This is my speculation, but this kind of acquisition makes sense if they also want to render payment in bitcoin. Alternatively this is just a value storage. Musk went on record saying he thinks stock is overvalued at the beginning of 2020 and then it went on 700% rampage. This could be just that Tesla has more cash than they need and they wanted to store it in an asset sheltered from inflation.