Square Purchases More Bitcoin
Square Purchases More Bitcoin
February 25, 2021
Square Purchases More Bitcoin
Square Purchases More Bitcoin
February 25, 2021

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 TradingView.com 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.

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.

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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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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with experience of 1.5 years. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.