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Square Increased Investment in Bitcoin Via Owning $170M Additional in The Coin

By Emily Rys | February 27, 2021
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Financial services outfit Square has reportedly made additional purchases of approximately 3,318 Bitcoin (BTC).  

Specifically, Square has reportedly finalized the acquisition of around 3,318 bitcoins at“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.”

An aggregate purchase price of $170 million, as revealed by the Jack Dorsey-owned establishment. 

Bitcoin has reportedly suffered from a decline in value this week, stumbling under the $50,000 mark, following a record high surpassing the $58,000 benchmark, according to insights from TradingView.com. 

 Based on the $170 million amount Square swapped for around 3,318 BTC, the outfit reportedly appears to have paid an average of $51,235 coin on its new investment.

“Aligned with the company’s purpose, Square believes that cryptocurrency is an instrument of economic empowerment, providing a way for individuals to participate in a global monetary system and secure their own financial future,” Square reportedly remarked. 

The investment is reportedly included in Square’s existing commitment to bitcoin, with the firm having goals to run assessment of its aggregate investment in bitcoin, associated with its other investments on an ongoing basis.

Square has reportedly completed the acquisition of $50 million equivalent in Bitcoin last year. 

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