Square’s Major Bitcoin Buy: Puts 1% of Total Assets Worth $50 Million in BTC

Square’s Major Bitcoin Buy: Puts 1% of Total Assets Worth $50 Million in BTC


Square Inc. has put 1% of its total assets in bitcoin worth about $50 million. The company believes that “cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system.”

Square’s Major Bitcoin Buy

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Square Inc. announced Thursday that it has bought approximately 4,709 bitcoins at an aggregate purchase price of $50 million. The NYSE-listed company (NYSE: SQ) with a market cap of $81 billion provides software and hardware payments products and small business services. The San Francisco-based company has offices in the U.S., Canada, Japan, Australia, Ireland, Spain, and the U.K.

“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,” Thursday’s announcement reads. This bitcoin investment represents about 1% of the company’s total assets at the end of Q2

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