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Will Square make any Bitcoin purchases?

Will Square make any Bitcoin purchases

Square appears to be content with its Bitcoin holdings as of now. Though Square is not visiting its Bitcoin allocation, it is still interested in the asset. Square bought over $200 million worth of Bitcoin throughout 2020 and 2021.


Amrita Ahuja


According to Amrita Ahuja, its chief financial officer, the company currently is not anticipating picking up more of the asset. Ahuja gave an interview to the Financial News that got published on Friday. She said in the interview that they do not have any plans to make further purchases.


Re-evaluate


She also added that there is no plan to re-evaluate where they are from a treasury standpoint.

Cointelegraph


Cointelegraph reached out to Square to get additional comments about this topic. But there was no response from them for publication.

Announcement

Square announced buying of $50 million worth of Bitcoin in October 2020. Moreover, the worth is equal to 4,709 BTC given the asset’s prices back then. In addition, the company announced picking up $170 million value of additional Bitcoin in February, which paid for roughly 3,318 coins.


Quarterly Earnings


The company said it had lost $20 million on its Bitcoin investment in the most recent quarterly earnings published. Despite the Bitcoin value rising to $472m based on the market prices, the company saw losses.


Cash App


However, Squares Bitcoin involvement doesn’t stop as it’s purchasing of the asset. However, Square’s cash app facilitates free Bitcoin transactions. Ahuja told the Financial news that there are lots of opportunities for them to learn with Bitcoin.


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