Wednesday, May 29, 2024

Twitter Founder’s Company Refuses to Buy Bitcoins in the Future

Payment company Square invested in cryptocurrency in February 2021 and October 2020. Bitcoin currently holds about 5% of Square’s total reserves.

Square’s chief investment officer, Amrita Ahuja, said in an interview with Financial News that the payment company has no plans to buy bitcoin in the future.

Square last invested in bitcoin in February 2021. Then the company bought a cryptocurrency for $ 170 million at an average price of $ 51 thousand.

Before that, it bought bitcoin in October 2020. Cryptocurrency now accounts for about 5% of Square’s total reserves.

In early May, the payment company published a financial report for the first quarter of 2021, according to which the income from investments in bitcoin amounted to $ 3.5 billion, while the gross profit from investments in cryptocurrency was only 2% of this amount – $ 75 million.

Square is a financial technology company that develops solutions for accepting and processing electronic payments. It was created by Twitter CEO and founder Jack Dorsey in 2009.

In 2015, the company held an IPO and went public.

This week, another large publicly traded bitcoin holder, electric car maker Tesla, announced that it was suspending the sale of its products for bitcoins.

According to the head of the company, Elon Musk, Tesla cannot afford to harm the environment, so it will not accept cryptocurrency as payment until its mining is carried out using renewable energy sources.

The automaker bought $ 1.5 billion worth of bitcoins in February this year, and sold 10% of digital coins in March, recording a profit of $ 101 million.

At the moment, the largest cryptocurrency holder among public companies is MicroStrategy, which owns 91.85 thousand bitcoins.

Taking into account the current rate of the main cryptocurrency ($ 50.6 thousand), according to CoinGecko, the value of MicroStrategy’s crypto assets is $ 4.64 billion.

The company last bought digital coins on May 13. The deal was worth $ 15 million.

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