Square buys $ 170 million Bitcoin

Square buys $ 170 million Bitcoin

Jack Dorsey, CEO of Twitter Inc. And Square Inc. , During Entrepreneur Empowerment Events at Ryerson University in Toronto, Ontario, Canada, on Tuesday, April 2, 2019.

Cole Burston | Bloomberg | Getty Images

Square The company bought $ 170 million worth of Bitcoin I showed In its fiscal fourth quarter financial report Tuesday.

The company said it had bought approximately 3,318 Bitcoins, expanding its October 2020 purchase of 4,709. Square said it represented about 5% of the company’s total assets by the end of 2020.

Bitcoin About $ 48,000 traded after the bell on Tuesday, up nearly 62% for the year.

“The investment is part of Square’s ongoing commitment to bitcoin, and the company plans to continuously evaluate its total investment in Bitcoin compared to its other investments,” the company said in its earnings statement. Its CEO, Jack Dorsey, has also been an advocate for digital currency.

Companies are increasingly inclined to Bitcoin as it has become more popular. Tesla It announced earlier this month that it had bought $ 1.5 billion worth of Bitcoin “to provide more flexibility to increase diversification and maximize returns on our money.”

Cryptocurrency pouring comes with risks, given its volatility. Tesla share price now Linked directly On bitcoin price, according to Wedbush analyst Daniel Ives.

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