Payment Processor Square Announced it bought $170 million worth of Bitcoin

Payment Processor Square Annouced it bought $170 million worth of Bitcoin

Square bought $170 million worth of bitcoin, the company revealed in its fiscal fourth-quarter financial report Tuesday.

The company said it purchased approximately 3,318 bitcoins, expanding on its October 2020 buy of 4,709. Square said it represents about 5% of the company’s total assets as of the end of 2020.

“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,” the company said in its earnings release.

Companies are increasingly announcing that they are joining the cryptocurrency adoption wave and buying assets like bitcoin as it becomes more “mainstream.” Tesla announced earlier this month it bought $1.5 billion worth of bitcoin for “more flexibility to further diversify and maximize returns on our cash.”

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