Square bought the first cryptocurrency at an average price of over $ 51 thousand. As a result, it brought the share of its assets in bitcoin to 5%
Square, which is owned by Twitter creator Jack Dorsey, announced the purchase of $ 170 million worth of bitcoins. In its financial statements for the fourth quarter and 2020, it is noted that in aggregate with a previous investment in cryptocurrency for $ 50 million, it transferred 5% of the total amount of their reserves.
The company acquired another 3,318 bitcoins, according to a new report from Square.
The paper profit from Square’s purchase of $ 50 million of bitcoins in October last year to date exceeded $ 225 million. The last investment of $ 170 million took place at an average bitcoin rate of over $ 51,000.