Square Buys Additional Bitcoin for $170M, Nearly Doubling its Holdings

Jack Dorsey's payment company, Square announced an additional $170 million acquisition of Bitcoin in the fourth quarter of 2020.

February 24, 2021 | AtoZ Markets – The Square financial services team just announced that it has acquired more Bitcoin. Square has purchased approximately 3,318 bitcoins at a total purchase price of $170 million, " the company said in a public statement Tuesday, adding:

"Combined with Square's previous purchase of $50 million in Bitcoin, this represents approximately 5% of Square's total cash, cash equivalents and marketable securities as of December 31, 2020."

Square Believes in Bitcoin

Bitcoin (BTC) has dropped significantly so far this week, plummeting below the $50,000 mark after peaking past $58,000, according to data from TradingView.com. Based on the $170 million that Square traded for roughly 3,318 BTC, the team appears to have paid an average of $51,235 per coin on their new investment.

"Aligned with the purpose of the company, Square believes that cryptocurrency is an instrument of economic empowerment, providing a way for people to participate in a global monetary system and secure their own financial future," Square noted in the statement. "The investment is part of Square's ongoing commitment to bitcoin, and the company plans to evaluate its aggregate investment in bitcoin relative to its other investments on an ongoing basis."

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

Square's statement also included the submission of its 2020 financial documents. Twitter CEO Jack Dorsey also serves as Square's CEO. Dorsey recently donated a Bitcoin to a non-profit organization aimed at the technical progress of Bitcoin.

As a reminder, last year, Jack Dorsey's Square launched a $10 million green mining initiative for the leading cryptocurrency as part of the firm's plan to cut carbon emissions by 2030.

The company previously formed a patent alliance with the aim of expanding the access of cryptocurrency companies to technology.

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