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Square Buys 4,709 Bitcoins, Worth Approximately $50 Million

On Thursday 8th October 2020, Square, a payment company, bought 4,709 bitcoins that is worth about $50 million. Here are the details surrounding the acquisition.


Square says that it believes that cryptocurrency is an instrument of economic empowerment. Since this aligns with the company’s goals, buying the large block of bitcoin makes sense.


In a statement, Square said via Amrita Ahuja, its Chief Financial Officer; “We believe that bitcoin has the potential to be a more ubiquitous currency in the future. As it grows in adoption, we intend to learn and participate in a disciplined way. For a company that is building products based on a more inclusive future, this investment is a step on that journey.”

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The $50 million acquisition represents 1% of the company’s total assets as of Q2 2020. As for bitcoin, it has experienced up and downs in its existence. However, in recent times, its worth has increased. For example, at the beginning of 2020, one bitcoin was worth $7,100 and it has now been valued at $10,724.


Square founder and CEO, Jack Dorsey has always been a fan of digital currency. Yet, he also knows that global adoption will take a long time as there are still reservations concerning it.


Additionally, Square has been supporting bitcoins purchase on its platform since 2018 via its Cash App. Its recent purchase of $50 million worth of bitcoins increased the price of its shares by 1.5 per cent.


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Onwuasoanya Obinna

A reader of books and stringer of words. Passionate about Science and Tech. When not writing or reading he is surfing the web and Tweeting.

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