Square doubles down on Bitcoin, investing another $170M

Financial services firm Square just announced that it has received more bitcoin.

Square “bought approximately 3,318 bitcoins for a total purchase price of $ 170 million,” the company said in a public statement on Tuesday, adding:

“When combined with Square’s prior purchase of $ 50 million in Bitcoin, that represents approximately five percent of all Square’s total cash, cash equivalents, and marketable securities as of December 31, 2020.”

Bitcoin (BTC) has fallen significantly so far this week, breaking below $ 50,000 after hitting a record high of over $ 58,000 based on TradingView.com data. Based on the total of $ 170 million Square traded for 3,318 BTC, the outfit appears to have paid an average of $ 51,235 per coin for its new investment.

“Consistent with the company’s purpose, Square believes that cryptocurrency is a tool of economic empowerment and enables individuals to participate in a global monetary system and secure their own financial future,” Square said in the statement. “The investment is part of Square’s ongoing commitment to Bitcoin. The company plans to continue evaluating its overall Bitcoin investment versus its other investments.”

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

Square’s statement also included the unveiling of its 2020 financial documents. Jack Dorsey, CEO of Twitter, also serves as CEO of Square. Dorsey recently donated a bitcoin to a nonprofit aimed at advancing bitcoin technology.

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