Square buys $50 million in bitcoin, says cryptocurrency ‘aligns with company’s purpose’


Omar Marques | LightRocket | Getty Images

Payment company Square is buying a large block of bitcoin, an unusual use of corporate cash.

Square said Thursday it bought 4,709 bitcoins, worth approximately $50 million. This represents about 1% of Square’s total assets as of the end of the second quarter of 2020.

“Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which aligns with the company’s purpose,” the company said in a release. 

The price of the digital currency has risen to around $10,724 from $7,100 in January, according to industry site CoinDesk, in a year roiled with the…


Empty rental apartments in Manhattan triple, nearly hitting 16,000

Previous article

Unemployment benefit claims worse than expected

Next article

You may also like

Leave a Reply

Notify of

More in Finance