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Square bought $ 170 million worth of Bitcoin, the company revealed in its fiscal fourth quarter financial report on Tuesday.
The company, which works in the online payments arena, said it bought nearly 3,318 bitcoins, having bought around 4,709 Bitcoins in October 2020, which represented around 5% of the company’s total assets at the end of 2020, according to CNBC, and seen by “Al-Arabiya.net.”
Bitcoin traded at around $ 51,000 on Wednesday, up nearly 62% for the year.
“This investment is part of Square’s ongoing commitment to Bitcoin, and the company plans to continually benchmark its total investment in Bitcoin against its other investments,” the company said in its income statement. Its CEO, Jack Dorsey, has also been an advocate for digital currency.
Businesses are increasingly inclined to Bitcoin as it has become more prevalent. Tesla announced earlier this month that it had purchased $ 1.5 billion worth of Bitcoin “for more flexibility, greater diversification and increased returns for its money.”
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