- Square, Inc. (NYSE: SQ) recently announced it is buying about 4,709 bitcoins at an aggregate price of $50 million. These are the details.
Square, Inc. (NYSE: SQ) recently announced it is buying about 4,709 bitcoins at an aggregate price of $50 million. The company said that it believes cryptocurrency is an instrument of economic empowerment and it provides a way for the world to participate in a global monetary system. The company noted that this investment represents approximately 1% of Square’s total assets as of the end of the second quarter of 2020.
“We believe that bitcoin has the potential to be a more ubiquitous currency in the future,” said Square chief financial officer Amrita Ahuja. “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.”
This is not the first time that Square is making an investment in Bitcoin. Square previously invested in Bitcoin from a product, leadership, and legal innovation perspective. And Square launched bitcoin trading in 2018 through the Cash App, which offers the ability to buy and sell bitcoin. And last year, the company formed Square Crypto — an independent team solely focused on contributing to bitcoin open-source work for the benefit of all. Plus the company also recently launched the Cryptocurrency Open Patent Alliance (COPA), a non-profit organization encouraging crypto innovation and opening access to patented crypto inventions.
Square is not the only public company that made a major investment in Bitcoin. Several weeks ago, MicroStrategy purchased $250 million worth of bitcoin. And the company’s CEO also bought an additional $175 million worth of bitcoin.