Square buys 3318 bitcoins using corporate cash

Square, the company behind twitter has issued a statement that it has acquired 3318 bitcoins for total of whopping 170 million dollars. These totals to around five percent of its total corporate cash that is total around 394 million dollars as of 31st December 2020.

square twitter

There was a strong correction in bitcoin’s price yesterday and but it appears that there were corporate giants like twitter buying bitcoin and top-tier cryptocurrencies.

You can find more details at investors.square.com. Square will also be holding a conference call and earnings webcast regarding this bitcoin purchase and discuss possible financial outcomes. Feel free to register for this upcoming conference call or listen to their audio webcast.

This is not the first time Square / Twitter has made purchase of bitcoin. Back in 2019 and 2020, Jack, CEO of Twitter has been making myriad announcements of Square acquiring more and more bitcoin.

Corporate giants have been major drivers of this bitcoin rally from $10,000 to insane price of $58,000. Bitcoin is now being shown as an important asset in company’s balance sheet.