Within a recent move, Square revealed that the acquisition of 4,709 Bitcoin [BTC] worth roughly $50 Mln at the time of reporting. The firm’s co-founder Jack Dorsey has been a long-term proponent of Bitcoin and cryptocurrencies, while the company’s CashApp permits its users to further invest in Bitcoin.
This news comes months after another publicly traded firm, MicroStrategy, decided to convert some of its treasury into Bitcoin. Presently, the firm holds 38,250 BTC and its CEO Michael Saylor has become one among the foremost vocal Bitcoin advocates. Though MicroStrategy may be a large company in its title with a $1.5 Bln market capitalization, however, it pales as compared to Square, which holds an $81 Bln market cap.
Square’s accompanying release revealed that the move is something of an ideological statement:
“Square believes that cryptocurrency is an instrument of economic empowerment and offers a way for the world to participate within a global monetary exchange, that aligns with the firm’s purpose.”
The official press-release revealed that the investment represents approximately 1% of Square’s “assets as of the end of the 2nd quarter of this year.” As of 30th June, the firm’s total assets amounted to $7.8 Bln, therefore the acquisition might represent closer to 0.64% of the company’s assets.