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In brief

  • In its Q4 earnings statement, Square revealed it has bought even more Bitcoin.
  • Its October purchase plus its latest buy amount to 5% of its total cash.
  • Square reported $1.76 billion in revenue from Bitcoin trading in Q4.

Square is loading up on more Bitcoin.

In its Q4 2020 earnings announcement on Tuesday, the payments company said it has purchased approximately 3,318 Bitcoins at an aggregate purchase price of $170 million.

That’s on top of the 4,709 BTC it bought in October 2020 at $50 million as an asset for its balance sheet. That purchase—along with MicroStrategy’s aggressive Bitcoin buys—arguably helped prompt Tesla’s $1.5 billion entry into the market. The price of Bitcoin has more than quintupled over the past four months.

The two Bitcoin purchases combined total 5% of Square’s total cash as of December 31, 2020, the company says.

(Read more)

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