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Square Buys Another $170M Worth of Bitcoin

Square Buys Another $170M Worth of Bitcoin


BusinessBitcoin

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Square has bought another $170 million worth of Bitcoin, as the company revealed in its fourth quarter financial report on Tuesday.

The financial services company led by Twitter CEO Jack Dorsey announced the purchase “as part of its ongoing commitment to the cryptocurrency.”

Square previously allocated one percent of its assets to Bitcoin in October, which, at the time, translated to a purchase of 4,709 bitcoin at an aggregate price point of around $50 million. These holdings alone are worth over $225 million at press time.

The firm’s latest purchase adds another 3,318 bitcoin to its holdings. In total, the Bitcoin allocation made up five percent of Square’s assets, as of December 31st last year.

Square wrote that it “believes that cryptocurrency is an instrument of economic empowerment, providing a way for individuals to participate in a global monetary system and secure their own financial future.”

The company behind popular mobile payment processor Cash App plans to assess its allocation to Bitcoin on an ongoing basis in the future.

Thomas is a independent journalist. He enjoys writing about Bitcoin, learning about Bitcoin, and hodling bitcoin.



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