Square doubles down on Bitcoin, investing another $170M
Jack Dorsey’s Square now owns roughly 3,318 more BTC. Financial services outfit Square just announced it has picked up more Bitcoin. Square “has purchased approximately 3,318 bitcoins at an aggregate purchase price of $170 million,” the company 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 (BTC) has fallen significantly this week so far, dropping below the $50,000 mark after....
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Bitcoin underwent a modest recovery this Wednesday after Square, a payment service rival to PayPal, revealed its recent investments into the cryptocurrency.
Jack Dorsey’s Square has officially doubled its money on its Bitcoin Investment. The company’s $220,000,000 invested in Bitcoin is now worth over $470,000,000.
The recent push to the $1 trillion bitcoin market cap can at least be partially attributed to institutional investors; firms investing on the behalf of others or as part of their asset allocation strategies. Square, One of the Largest Corporate Holders of Bitcoin Alongside MicroStrategy, now Tesla, Square is one of the largest institutional purchasers of the asset. However, unlike these other two companies – Square purchases bitcoin to provide it to its users directly […]
Jack Dorsey’s Square made more than 90% more gross profit than the same period last year, with $546 million coming from Cash App’s Bitcoin services. Jack Dorsey’s Square has reported a 200% increase in Bitcoin revenue for the second quarter year-on-year (YoY).The company announced the impressive earnings figures in its second-quarter shareholder letter on August 1. In the report, Square revealed its total gross profit grew 91% YoY to $1.14 billion.Bitcoin services drove $2.72 billion in revenue for the app, with a gross profit of $55 million, respective increases of 210% and 223%....
The announcement comes after a holiday weekend in which the price of bitcoin hit a succession of new all-time highs.