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Square Purchases More Bitcoin

Square, the financial services outfit owned by Twitter CEO Jack Dorsey, has purchased more Bitcoin (BTC)

It has been reported that Square “has purchased approximately 3,318 Bitcoins at an aggregate purchase price of $170 million.”

The company stated:

“Combined with Square’s previous purchase of $50 million in bitcoin, this represents approximately five percent of Square’s total cash, cash equivalents and marketable securities as of December 31, 2020.”

However, Bitcoin has fallen significantly this week so far, dropping below the $50,000 mark after tapping a record high past $58,000, based on data. Based on the $170 million sum Square swapped for about 3,318 BTC, the outfit looks to have paid an average of $51,235 per coin on its new investment.

Jack Dorsey is making headlines today! @Square just dropped another $170M in Bitcoin. — Cointelegraph (@Cointelegraph) February 24, 2021

Square stated:

“Aligned with the company’s purpose, Square 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 investment is part of Square’s ongoing commitment to bitcoin, and the company plans to assess its aggregate investment in bitcoin relative to its other investments on an ongoing basis.”

Likewise, Square bought $50 million worth of Bitcoin in 2020, which it announced last fall.

Square’s statement also included an unveiling of its 2020 financial documents.

Thus, Dorsey recently donated 1 Bitcoin to a nonprofit group Brink aimed at Bitcoin technical progress.

Source: Cointelegraph



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