- 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.
Recommended News
