Square Buys $50 Million in Bitcoin

Square said Thursday it bought 4,709 bitcoins, worth approximately $50 million which represents about 1% of Square’s total assets as of the end Q2 of 2020.

“Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which aligns with the company’s purpose,” the company said in a release. 

“We believe that bitcoin has the potential to be a more ubiquitous currency in the future,” said Square’s Chief Financial Officer, Amrita Ahuja, in a release. “As it grows in adoption, we intend to learn and participate in a disciplined way. For a company that is building products based on a more inclusive future, this investment is a step on that journey.”