The Jack Dorsey-owned firm Square, which deals with credit and payments, has invested $170 million in Bitcoin after it more than tripled its previous investment in the King of Crypto.
It was reported in the company’s quarterly earnings that it had acquired around 3,318 bitcoins at an average price of $51,236.
“Combined with Square’s previous purchase of $50 million in bitcoin, this represents approximately five percent of Square’s total cash, cash equivalents, and marketable securities as of December 31, 2020,” reads the company’s announcement.
The news coincides with the sudden drop in value for Bitcoin after it went to establish new ATHs. Currently, a bitcoin is worth around $50,000, meaning it may recover.
“Aligned with the company’s purpose, Square believes that cryptocurrency is an instrument of economic empowerment, providing a way for individuals to participate in a global monetary system and secure their own financial future,” the company commented.
The investment represents part of Square’s ongoing commitment to Bitcoin as it was announced that it wanted to “aggregate investment in bitcoin relative to its other investments on an ongoing basis.”
Also this month, it was revealed that Dorsey and Jay-Z will invest 500 Bitcoins in an endowment to fund the development of Bitcoin in India and African countries.