Jack Dorsey’s Square Doubles Down on Bitcoin

Buys $170 Million Worth of Crypto

Square is going long bitcoin.

On Tuesday the payment company co-founded and now run by Jack Dorsey announced that it had bought 3,318 bitcoins or $170 million worth of the crypto currency. The purchase price of each coin was just over $51,000.

This investment comes on the heels of its previous bitcoin purchase for $50 million.

- Advertisement -

Helping to fuel its interest in Bitcoin is the company’s “Cash App” consumer base. Square had 36 million overall monthly users of Cash App in December. More than 1 million consumers bought bitcoin for the first time in January of 2021. For all of 2020, 3 million people bought or sold bitcoin on the app.

The company reported record fourth quarter revenue of $3.16 billion, up 141% from a year earlier.

SQ Shares traded down in after-hours trading, at 6:40pm down nearly 5% at $244 per share.

- Advertisement -

Related Articles

Stay Connected

165,177FansLike
709,118FollowersFollow
41,600SubscribersSubscribe
- Advertisement -

Latest Articles

Get The Full Story From Me

Conservative Media is under attack from Big Tech. Please join my 100% FREE NEWSLETTER.