Square Buys 3,318 BTC, Nets $3.51 Billion

Today, Square (NASDAQ: SQ) reported its 2021 first quarter earnings. The company remained committed to holding bitcoin as an “instrument of global economic empowerment,” seeing tremendous gains from its $220 million in bitcoin purchases.

“In February 2021, we invested $170 million in bitcoin as we believe cryptocurrencies are an instrument of economic empowerment, which aligns with the company’s purpose” per the earnings report.

With this $170 million purchase, the company bought an additional 3,318 bitcoin at an average price of $51,235.68 per bitcoin. This supplemented Square’s initial purchase of 4,709 bitcoin for $50 million that the company announced in October 2020, which are now worth approximately $263.2 million at the time of writing. The company currently holds 8,027 bitcoin, worth approximately $448 million, giving it the third-largest bitcoin holdings of any publicly-traded company.

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