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BTC $44684.05 (3.42%)
ETH $3141.94 (3.70%)
USDT $1.00 (-0.0%)
BCH $548.93 (1.62%)
BSV $144.71 (-0.5%)
LTC $162.52 (1.73%)
BNB $381.56 (1.42%)
ADA $2.24 (1.23%)
DOGE $0.22 (-0.2%)

Square’s $50M in Bitcoin has Grown to $253M

Square’s $50M in Bitcoin has Grown to $253M
  • Square’s Bitcoin investment has grown from $50M to about $253M in four months.
  • The investment growth is based on current Bitcoin market rates.
  • Square’s Bitcoin revenue is predicted to have increased as well.

Square revealed in October 2020 that it had invested 1% of its total assets into Bitcoin (BTC). Based on current market rates, that investment has grown to about $253 million from $50 million.

Square Inc, a sister company of Twitter, builds tools that enable cross-sector economic participation. In line with this, the innovator has done this by starting several crypto-focused initiatives like Cash App and Cryptocurrency Open Patent Alliance (COPA).

Cash App is a BTC trading platform launched in 2019. COPA, however, is a Square non-profit that encourages crypto innovation. In addition, Square also has a team that solely focuses on BTC open-source work (Square Crypto).

Based on Square’s interest in crypto, it looks like investing in crypto was a natural next step. This happened late last year when Square announced its 4,709 BTC purchase. At the time, Square had also made $1,63 billion in BTC revenue. Analyst Chris Brendler predicts that Square will report about $2,2 billion BTC revenue in its next quarterly report.

Also, Square and Twitter CEO Jack Dorsey recently created a 500 BTC fund with superstar rapper Jay Z. The fund, which is worth about $23.6 million currently, is for BTC growth in India and Africa. Despite this, India has recently made headlines for mulling over a total crypto ban.

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Avid reader and writer with a passion for sharing crypto news and trends. Uses her background in finance to help readers better understand the crypto market and investments. Hopes to see mainstream crypto adoption in the near future, especially in Africa.