The Shares of companies that have invested in bitcoin have vastly outperformed on Wall Street in 2021 and are extending their gains thanks to Tesla’s $1.5 billion bet on the soaring digital currency.

While prices of bitcoin hit a record high over $48,000 on Tuesday in a two-day surge after Tesla said on Monday that it had bought the digital currency and would soon accept it as a form of payment for cars.

A handful of bitcoin-related companies listed on U.S. stock exchanges were also buoyed by the disclosure that Tesla CEO Elon Musk, a fan of cryptocurrencies, added bitcoin to the electric car maker’s balance sheet.

Tesla’s bitcoin purchase amounts to a minor bet for the fast-growing electric car company with an $800 billion stock market value. However, it bolstered the digital currency’s emerging credentials as a mainstream financial asset.

-REUTERS