How much bitcoin did square buy?

Square bought $170 million worth of bitcoin. The company said it purchased approximately 3,318 bitcoins, expanding on its October 2020 purchase of 4,709 bitcoins.

How much of Square’s portfolio is in Bitcoin?

The investment represents approximately one percent of Square’s total assets as of the end of the second quarter of 2020. “We believe that bitcoin has the potential to be a more ubiquitous currency in the future,” said Square’s Chief Financial Officer, Amrita Ahuja.

Why is square investing in cryptocurrency?

Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which aligns with the company’s purpose. The investment represents approximately one percent of Square’s total assets as of the end of the second quarter of 2020.

How much is a bitcoin worth?

Averaging out the 3,318 bitcoins Square says it purchased would indicate an average price of about $51,235 per bitcoin ( BTC-USD ). The cryptocurrency had dipped below $48,000 on Tuesday at the time of Square’s announcement.