Square buys $ 50 million worth of Bitcoin (BTC) for its cash

The company founded by Jack Dorsey bought 4,709 bitcoins (BTC) for its cash.

It is the second company listed on Wall Street to invest in Crypto Engine platform after MicroStrategy.

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Square announces the acquisition of 4,709 bitcoin (BTC) worth approximately $ 50 million at the time of publication.

Square buys over 4,500 BTC

Jack Dorsey, founder of Square and Twitter, is a longtime supporter of Bitcoin and cryptocurrencies.

The statement said the investment represents approximately 1% of Square’s assets at the end of the second quarter of 2020. As of June 30, the company’s total assets stood at $ 7.8 billion, so the acquisition could represent nearly 0.64% of the company’s assets.

The Square company even called the cryptocurrency an „instrument of economic emancipation“. In the press release of the announcement published this Thursday, October 8, we can read:

We believe that cryptocurrency is an instrument of economic empowerment and provides a means for the world to participate in a global monetary system, which aligns with the purpose of the business.

The MicroStrategy pioneer

Square is the second Wall Street company to enter Bitcoin after MicroStrategy. This company specializing in software publishing has made BTC its main cash reserve.

MicroStrategy holds more than 38,000 BTC or $ 425 million on its balance sheet.

But Square’s investment in Bitcoin is much more in line with its corporate identity and the services offered by the company founded by Jack Dorsey. Indeed, the Cash application is an essential entry point for many retail investors in the cryptocurrency ecosystem.