Jack Dorsey’s Square buys more Bitcoin worth $170M

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Jack Dorsey’s Square now owns some 3,318 more BTCs.

Financial services outfit Square just announced that more bitcoin has been picked up (BTC).

Square “has purchased approximately 3,318 bitcoins at a total purchase price of $170 million,” the firm said in a public statement on Tuesday, adding:

“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.”

Bitcoin has dropped dramatically this week, falling below the $50,000 mark after tapping a record high of $58,000, based on TradingView.com results. Based on the $170 million traded by Square for around 3,318 BTC, the outfit seems to have paid an average of $51,235 per coin for 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 noted in the statement. “The investment is part of Square’s ongoing commitment to bitcoin, and the company plans to assess 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 was announced last fall.

Square’s announcement also included the release of its financial documents for 2020. Twitter CEO Jack Dorsey is also CEO of Square. Dorsey recently donated 1 Bitcoin to a non-profit organisation aiming at Bitcoin’s technological development.

 

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