Square doubles on Bitcoin, invests an additional $ 170 million

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Financial services firm Square just announced that it has bought more Bitcoin.

Square “purchased approximately 3,318 bitcoin for an aggregate purchase price of $ 170 million,” the company said in a public statement Tuesday, adding:

“Combined with Square’s previous purchase of $ 50 million in bitcoin, this represents approximately 5% of Square’s total cash, cash equivalents and marketable securities as of December 31, 2020.”

Bitcoin (BTC) has fallen significantly this week so far, dropping below $ 50,000 after hitting a record high exceeding $ 58,000, based on data from TradingView.com. Based on the $ 170 million that Square traded for around 3,318 BTC, the company appears to have paid an average of $ 51,235 per coin for its new investment.

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“Aligned with the goal of society, Square believes that cryptocurrency is an instrument of economic empowerment, enabling individuals to participate in a global monetary system and secure their own financial future,” Square noted in the statement. . “This investment is part of Square’s ongoing commitment to bitcoin, and the company plans to continually assess its overall bitcoin investment against its other investments.”

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Square bought $ 50 million worth of Bitcoin in 2020, which it announced last fall.

Square’s statement also included an unveiling of its 2020 financial documents. Twitter CEO Jack Dorsey is also CEO of Square. Dorsey recently donated a Bitcoin to a non-profit organization focused on technical advancement of Bitcoin.