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 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....
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Square’s Cash App has increased Q3 Bitcoin revenue by 1,100% after more than $1.6 billion Bitcoin was purchased by users Cash App, the Bitcoin-friendly mobile payments app from U.S. financial services firm Square, has reported Bitcoin (BTC) has overtaken all other revenue sources, making up almost 80% of its entire revenue in the third quarter.In Square’s third-quarter report, Cash App’s Bitcoin-derived revenue of $1.63 billion in Bitcoin marked a massive increase of more than 1,100% when compared to the same period in 2019. Bitcoin revenue was by far the largest component of Cash App’s....
Reactions from Bitcoin Twitter and beyond as Square puts 1% of its treasury assets into bitcoin.
Analysts expect Bitcoin price to retest $11,000 after favorable macro factors improve BTC’s technical setup. The price of Bitcoin (BTC) is nearing $11,000 once again after a shaky start to October. Last week BTC fell below $10,500 but on Oct. 9 the price swifty recovered to $10,940.In the short term, there are three factors that could enhance bullish sentiment and push the price above $11,000. The possible catalysts are Square’s $50 million investment in Bitcoin, a prolonged accumulation phase, and the recent spike in on-chain activity.BTC/USD daily chart. Source: TradingView.comSquare’s....
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....
Square appears content with its Bitcoin holdings for now. Over the course of 2020 and 2021, Square bought over $200 million worth of Bitcoin. At present, the payments company does not anticipate picking up more of the asset, according to its chief financial officer, Amrita Ahuja. In an interview with Financial News, reported on Friday, Ahuja said: “We don’t have any plans at this point to make further purchases.” She added: “There’s no plans at this point to re-evaluate where we are from a treasury standpoint."Cointelegraph reached out to Square for additional comments, but did not receive....