Jack Dorsey’s Square Doubles Its Money On Bitcoin Investment
Jack Dorsey’s Square has officially doubled its money on its Bitcoin investment. The company’s $220,000,000 invested in Bitcoin is now worth over $470,000,000.
To date, Square holds approximately 8,027 bitcoin, acquired at an aggregate purchase price of $220,000,000 and an average price per bitcoin of $27,407, inclusive of fees and expenses.
Square first announced it had purchased Bitcoin in October of 2020. The firm bought 4,709 bitcoin at an aggregate purchase price of $50 million. In the company’s fourth quarter and full year 2020 report, it announced that Square had purchased approximately 3,318 bitcoin at an aggregate purchase price of $170 million.
It is unclear when Square will next purchase Bitcoin, however CEO Jack Dorsey has been working on many Bitcoin-related projects in the past year, outside of publicly advocating at every turn for what he calls the native currency of the internet on Twitter, and at the Bitcoin Conference and the B Word Conference.
In September, Twitter rolled out Bitcoin Lightning tips for IOS users, which notably provides no direct compensation to the company. It has been speculated that Jack’s mysterious TBD project is also a Bitcoin-only project. Square’s Cash App does not allow the buying or selling of other crypto currencies on its platform, but remains Bitcoin only, and one of the most reliable exchanges to acquire more sats on the go.