Square (SQ) Invests $50 Million in Bitcoin
- Wall Street closes lower as inflation fears prompt tech sell-off
- Dogecoin Sees 'Sell the News' Reaction to Musk's SNL Appearance, as 'Hustle' Comment is Weighed Against Launch 'To the Moon'
- Alphabet (GOOGL) and Facebook (FB) Downgraded to 'Neutral' at Citi as Decelerating Growth Is Not Bullish for Multiples
- Elliott Management has stake in Duke Energy (DUK) - WSJ
- Ethereum (ETH) Soars Above $4,000 to Print Fresh Record Highs
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
Square, Inc. (NYSE: SQ) announced today that it has purchased approximately 4,709 bitcoins at an aggregate purchase price of $50 million. 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. The investment represents approximately one percent 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. “As it grows in adoption, we intend to learn and participate in a disciplined way. For a company that is building products based on a more inclusive future, this investment is a step on that journey.”
Square has previously invested in bitcoin from a product, leadership, and legal innovation perspective, and today adds this financial investment. The company launched bitcoin trading in 2018 with Cash App, which enables the buying and selling of bitcoin. In 2019, the company formed Square Crypto, an independent team solely focused on contributing to bitcoin open-source work for the benefit of all, and also recently launched the Cryptocurrency Open Patent Alliance (COPA), a non-profit organization encouraging crypto innovation and opening access to patented crypto inventions.
Square has open sourced documentation to articulate the process behind the execution of its purchase as others consider similar strategies. The whitepaper can be found at squareup.com/investors.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Charles River Laboratories (CRL) to Join S&P 500; Others to Join S&P MidCap 400 and S&P SmallCap 600 (NSA) (EFC) (AZPN) (AEGN)
- HGreg.com Opens Flagship, Next-Generation Storefront in Tampa Bay
- Wynn Interactive to Merge with SPAC Austerlitz Acquisition Corporation I (AUS)
Create E-mail Alert Related CategoriesCorporate News, Hot Corp. News
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!