Financial services firm, Square, Inc. through a fourth quarter report today revealed it has made a purchase of Bitcoin (BTC) worth $ 170 million.
The company owned by Jack Dorsey has purchased 3,318 bitcoins in addition to the previous bitcoin savings purchased in October 2020 at 4,709 (about $ 50 million).
Square's current bitcoin ownership represents 5% of the firm's total assets as of the end of 2020.
Bitcoin at the time of writing, the price of Bitcoin traded at over $ 48,000, up nearly 62% for the year.
Square's latest investment shows the firm's seriousness in the crypto sector. Clearly they, the company plans to evaluate their aggregate investment in bitcoin compared to their other investments.
Since mid-2020, the dumping of firms starting with MicroStrategy has begun to shift to bitcoin investments, making that change a common occurrence today.
One of them stole the world’s attention, when Tesla made a $ 1.5 billion investment in Bitcoin in early February.
As Bitcoin surpassed the $ 58,000 price level, Tesla posted a profit of nearly $ 1 billion before the king of cryptocurrencies fell earlier this week to $ 48,000.
