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.

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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.

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