Square Buys Another $170 Million of Bitcoin, CFO Says $BTC Could Become ‘Native Currency of the Internet’

On Tuesday (February 23), FinTech firm Square (NYSE: SQ) disclosed that it had invested another $170 million in Bitcoin.

Square was founded in February 2009, i.e. it is 11 years old, just like Bitcoin (BTC). The three co-founders are Jack Dorsey (who is also the company’s Chairman and CEO), Jim McKelvey, and Tristan O’Tierney.

Yesterday, Square announced fourth-quarter and full-year 2020 results. Square’s press release had this to say about the company’s investment in Bitcoin:

Square… has purchased approximately 3,318 bitcoins at an aggregate purchase price of $170 million. 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.

Aligned with the company’s purpose, Square believes that cryptocurrency is an instrument of economic empowerment, providing a way for individuals to participate in a global monetary system and secure their own financial future. 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.

Square’s CFO told CNBC that Bitcoin “has the potential to be the native currency of the internet” and that Bitcoin is becoming an increasing part of their business.

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