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Square’s Cash App deals in bitcoin operationally but a $50 million investment from the publicly traded firm’s cash reserves has grown significantly since being announced last fall.

Square’s 4,709 bitcoins were worth $50 million when the company announced the purchase in October 2020. Now that BTC (-6.18%) is worth a whopping $253 million. 

Along with MicroStrategy, Square was an early entrant in the corporate bitcoin sweepstakes. Such treasury management plays inspired Elon Musk’s Tesla to invest $1.5 billion in bitcoin earlier this month. 

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