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Cryptocurrency

Square buys more Bitcoin worth $170 million

After October’s $50 million purchase, Square has purchased another $170 million worth of bitcoin.

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Square

Square recently announced that it had purchased another $170 million worth of bitcoin since it began buying the most valuable crypto asset in October 2020.

According to a press release by the Jack Dorsey-led company, Square added 3,318 BTC to its treasury for $170 million, meaning it paid about $51,235.70 buying each Bitcoin.

Square, on October 8th, 2020, disclosed that it purchased, 4,709 bitcoins at an estimated worth of $50 million.

READ: Elon Musk’s SpaceX is exploring the merits of buying Bitcoin

The American listed payment giant currently has about $4.4 billion in total cash and securities, so the total $220 million it spent on bitcoin is only about 5% of its total liquid holdings at the end of Q4 2020.

Excerpts of the press release by the fast-rising payment company include:

“Square… has purchased approximately 3,318 bitcoins at an aggregate purchase price of $170 million.

“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.”

READ: Less than 4 million Bitcoins available for buying

Recall that months ago, Square announced that it had invested in Bitcoin because it saw it as a tool for economic enhancement via participation in the future of payment systems, which aligned with Square’s objectives.

The investment represented 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’s Chief Financial Officer, Amrita Ahuja.

About Square

bitcoin train

Square Inc. builds tools to empower businesses and individuals to participate in the economy. Sellers use Square to reach buyers online and in-person, manage their businesses, and access financing, while individuals use Cash App, a mobile payment service developed by Square, to spend, send, store, and invest money.

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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