Financial Services Arena announced that they have acquired more Bitcoin (BTC).
“Square bought about 3,318 bitcoins for a total purchase price of $ 170 million,” the company said in a public statement Tuesday, adding:
“ Combined with Square’s previous $ 50 million bitcoins purchases, it is approximately five percent of Square’s total cash, cash equivalents and Square marketable securities as of December 31, 2020.
Bitcoin is significantly lower this week and falls below $ 50,000 after hitting a record high of $ 58,000, according to TradingView.com. Based on the $ 170 million exchanged for approximately 3,318 BTC, it appears that the group paid an average of $ 51,235 per coin on its new investment.
“In line with the company’s mission, Square believes that cryptocurrency is a tool for economic empowerment and to empower people to participate in the global monetary system and secure their own economic future,” Square said in a statement. “This investment is part of Square’s ongoing commitment to bitcoin, and the company plans to continuously evaluate its total bitcoin investment relative to its other investments.”
Square bought $ 50 million bitcoins in 2020, as it announced last fall.
Square’s announcement also included the release of the financial results for 2020. Jack Dorsey, CEO of Twitter, is also CEO of Square. Dorsey recently donated 1 bitcoin to a non-profit organization dedicated to the technical development of bitcoin.