Payments company Square has invested $50 million into Bitcoin, according to an announcement today. It has bought 4,709 Bitcoin, with one percent of the company's assets.
“We believe that Bitcoin has the potential to be a more ubiquitous currency in the future,” said Square’s chief financial officer, Amrita Ahuja. “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.”
BREAKING: Square has invested $50 million in Bitcoin and will hold the digital currency on their balance sheet.
Every corporation will eventually do this. @jack continuing to lead the way!
Square is owned by Jack Dorsey, the CEO of Twitter (and enthusiastic Bitcoin advocate). Square also owns CashApp, which has been offering Bitcoin for some time now. Dorsey has previously said that he regularly maxes out the weekly Bitcoin buy limits on CashApp.
Square has been investing in crypto for some time. It set up Square Crypto in March 2019 to support the development of the Bitcoin network. It has handed out a number of grants to Bitcoin developers and companies working in the space.
"More important than Square investing $50mm in #Bitcoin is sharing how we did it (so others can do the same)," Dorsey tweeted, with a link to Square's investment whitepaper.
The whitepaper stated that Square believes it's the right time to diversify its balance sheet away from its primary focus on US dollars. "We view bitcoin as an instrument of global economic empowerment; it is a way for individuals around the world to participate in a global monetary system and secure their own financial future. This investment is an important step in furthering our mission," it said.
And FAR more important than that is us investing directly in open source development with @sqcrypto, opening access to patents with COPA (https://t.co/aBqaURKruq), and making #bitcoin more accessible and useful to millions of people with @CashApp.
The whitepaper explained how Square bought the Bitcoin. It stated that Square used a liquidity provider that it already works with via CashApp. The company executed a buy order over 24 hours in order to reduce the direct impact on the price of Bitcoin.
Square stated that the Bitcoin is stored in cold storage (not connected to the internet), using its Subzero open-source technology. It is also insured against theft.
Microstrategy, a business intelligence firm, acquired a further 16,796 Bitcoin yesterday, as it invests more heavily in cryptocurrencies. This comes after the firm made a large initial investment in Bitcoin last month.
“On September 14, 2020, MicroStrategy completed its acquisition of 16,796 additional bitcoins at an aggregate price of $175 million,” Michael Saylor, CEO of MicroStrategy said in a tweet.
In August, MicroStrategy announced the purchase of 21,454 Bitcoin, at a price of $250 mill...
This investment follows business intelligence firm MicroStrategy buying $200 million of Bitcoin as an investment, before buying another $175 million of Bitcoin.
“To date, we have purchased a total of 38,250 bitcoins at an aggregate purchase price of $425 million, inclusive of fees and expenses,” MicroStrategy CEO Michael Saylor said, at the time.
Update: This article has been updated with further details from Jack Dorsey and Square's whitepaper.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Rektguy didn’t mint out its free NFTs on the Ethereum blockchain in 2022—but three years later, the brand has become incredibly familiar with the phrase “sold out,” with the Rekt Drinks brand clearing out successive drops and reaching more and more consumers along the way.
The brand, which weathered a brutal crypto bear market thanks in part to the strength of its fervent community, has now sold more than 600,000 cans of Rekt Drinks, a non-alcoholic, flavored sparkling water that comes in a vari...
Two top Wall Street analysts are confident many top altcoins ETFs will imminently be approved for trading—so confident, they’ve now estimated the likelihood of such spot approvals coming before the end of the year at almost 100%.
Solana, XRP, and Litecoin spot ETFs are near-locks at 95% odds of approval from the U.S. Securities and Exchange Commission by the end of 2025, the analysts, Eric Balchunas and James Seyffart of Bloomberg, wrote Friday.
Dogecoin, Cardano, Polkadot, Hedera, and Avalan...
Bitcoin holding company Nakamoto Holdings, the firm founded by crypto media entrepreneur David Bailey, has raked in an additional $51.5 million to establish a Bitcoin treasury—a corporate strategy that has become increasingly popular among public companies.
The funds were raised in a private-investment-in-public-equity deal closed on Friday by Nakamoto's merger partner KindlyMD, according to KindlyMD's statement. The healthcare data firm sold its common stock at $5 per share in the raise.
"Ad...
