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Square buys $170 million worth of bitcoin



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Square bought $170 million worth of bitcoin, the company revealed in its fiscal fourth-quarter financial report Tuesday.The company said it purchased approximately 3,318 bitcoins, expanding on its October 2020 buy of 4,709. Square said it represents about 5% of the company’s total assets as of the end of 2020.Bitcoin traded around $48,000 after the bell Tuesday, up nearly 62% for the year.”The investment is part of Square’s ongoing commitment to bitcoin, and the company plans to assess its aggregate investment in bitcoin relative to its other investments on an ongoing basis,” the company said in its earnings release. Its CEO, Jack Dorsey, as also been …

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