Square Buys Another $170 Million in Bitcoin, Initial Investment Up 376%

Square Buys Another $170 Million in Bitcoin, Initial Investment Up 376%
фото показано с : beincrypto.com

2021-2-24 16:00

Jack Dorsey’s Square has announced the purchase of approximately 3,318 BTC amounting to $170 million at the time of purchase. Square seems to have purchased Bitcoin at an average price of $51,235 per coin.

Square has made this Bitcoin investment public along with its Q4 2020 and full year 2020 results release.

This is not the first BTC purchase made by Square. Its first tryst with Bitcoin was announced in October last year when it made a purchase of 4,709 BTC worth about $50 million at the time of purchase. It had stated at the time that Bitcoin’s value proposition “aligns with the company’s purpose.”

Square Hungry for More Bitcoin

Square’s first purchase of 4,709 BTC was made at an average price of $10,617 per coin. Considering that, its investment had an enormous payoff with 376% returns in just over four months.

This could be Square’s motivation to buy in for another round. Combined with the first round of investment, Square’s Bitcoin assets now amount to approximately 5% of its total cash, cash equivalents, and marketable securities.

Jack Dorsey Strengthens His Stance

Jack Dorsey’s interest in Bitcoin is not newly found. He has been a long-term proponent of cryptocurrencies in general. Square’s Cash App has allowed users to trade in Bitcoin since 2018 and had driven nearly half of the company’s profits in Q4 2020.

Dorsey recently even teamed up with Jay-Z to announce a Bitcoin Development Trust of 500 BTC which was worth nearly $24 million at the time of the announcement. They have announced the fund will initially focus on Africa and India specifically.

Jack Dorsey, also the CEO of Twitter, yesterday donated 1 BTC to Brink, a nonprofit group that focuses on Bitcoin’s technological framework. In the past, Dorsey has also referred to Bitcoin’s whitepaper as “poetry” stating the “Bitcoin whitepaper is one of the most seminal works of computer science in the last 20 or 30 years” on Lex Fridman’s podcast last year in April.

The move is similar to the likes of Michael Saylor and MicroStrategy’s investments into BTC. However, MicroStrategy’s market capitalization is dwarfed in comparison to Square’s. At the time of press, MicroStrategy’s market capitalization is only $6.62 billion compared to Square’s $115.70 billion — a 17-fold difference.

The post Square Buys Another $170 Million in Bitcoin, Initial Investment Up 376% appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 95880.5 (+0.14%)
Объем 24H $40.544b
Изменеия 24h: -1.67 %, 7d: -6.97 %
Cегодня L: $95217.68 - H: $97458.26
Капитализация $1898.406b Rank 1
Цена в час новости $ 49451.36 (93.89%)

square bitcoin made investment million btc 2020

Источник: beincrypto.com

square bitcoin → Результатов: 126


Фото:

Square’s Cash App Debuts Automatic Recurring Bitcoin Purchases

Automatic recurring Bitcoin (BTC) buying is now possible on Square’s Cash App via a new feature added to the platform. Tweeting on Monday, Square and Twitter CEO Jack Dorsey revealed that Cash App users can now set their Bitcoin buying frequency according to daily, weekly, or bi-weekly schedules with a $10 minimum across all three […] The post Square’s Cash App Debuts Automatic Recurring Bitcoin Purchases appeared first on BeInCrypto.

2020-5-19 05:15


Фото:

Square Open Sources Subzero, an Enterprise Offline Bitcoin Wallet

Square, a financial services and mobile payment company, has open sourced the documentation, code, and tools for Subzero, an enterprise offline Bitcoin Wallet. According to Square’s blog published on October 23, 2018, Square recognized the importance of not only developing a safe and secure storage option for Bitcoin but the need to share code and work in progress as it.

2018-11-2 14:00


Фото:

Square’s Debut of Payment Terminal Triggers Fresh Bitcoin Acceptance Rumors

Consumer and merchant payment network Square Inc. unveiled a point-of-sale (PoS) terminal October 19 in a move which sparked excitement about possible Bitcoin integration. Bitcoin PoS Next For Square? Unveiled on social media and in an interview with tech outlet Nerdist, Square’s device is designed as a standalone solution for merchants wishing to accept card payments.

2018-10-20 07:00


Фото:

Square Crypto Trading App Beats PayPal’s Venmo With 3x Growth

Square Cash, a cryptocurrency-enabled trading app, is growing three times faster than PayPal’s fiat-based Venmo, trading giant Nomura has revealed. ‘More Than Just A Bitcoin Play’ The company’s Square Cash app, which added cryptocurrency functionality in January, has defied Bitcoin price trends ever since, growing its user base despite overall Bitcoin market activity decreasing.

2018-7-13 20:00


Компания Square отказалась от заявки на регистрацию в качестве депозитарного банка

Достаточно дружественная к криптовалютам и биткойн компания Square отозвала заявку получение лицензии в качестве депозитарного банка. Сообщение Компания Square отказалась от заявки на регистрацию в качестве депозитарного банка появились сначала на Freedman.

2018-7-6 18:50


Hedge Fund Bullish on EOS and Ethereum, Bearish on Ripple and Litecoin

Austin-based cryptocurrency hedge fund Multicoin Capital is long Ethereum as well as EOS while short both Litecoin and Ripple’s XRP. Backed by Andreessen Horowitz’s Marc Andreessen and Union Square Venture’s Chris Dixon among others, the $75 million fund is defending its most significant position: EOS, a currency that raised $4 billion through an ICO last month […] Hedge Fund Bullish on EOS and Ethereum, Bearish on Ripple and Litecoin was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-7-3 01:24


Хедж-фонд Multicoin Capital делает упор на EOS и Ethereum

Крупный криртовалютный хедж-фонд Multicoin Capital, среди спонсоров которого Марк Андриссен, Крис Диксон, Union Square Ventures и другие венчурные капиталисты, делает упор на Ethereum и EOS, а перспективы Litecoin и XRP им кажутся сомнительными.

2018-7-1 10:51


Crypto Hedge Fund Multicoin Valued at $75m After Fred Wilson’s VC Investment

Despite the recent decline of the cryptocurrency market, the promise of huge profits continues to lure investors to funnel some of their funds into these digital coins. Recently, the New York-based venture capital firm Union Square Ventures (USV) officially announced its investment in Multicoin Capital, which is a cryptocurrency hedge fund startup.

2018-6-22 21:43


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru