Square announces $50M Bitcoin purchase

Square (SQ) has purchased ~4,709 bitcoins for $50M, representing roughly 1% of company’s total assets at the end of Q2. “We believe that Bitcoin (BTC-USD) has the potential to be a more ubiquitous currency in the future,” says CFO Amrita Ahuja. “As it grows in adoption, we intend to learn and participate in a disciplined way. For a company that is building products based on a more inclusive future, this investment is a step on that journey.” In this, Square is following Microstrategy, which has now invested the majority of its treasury assets into Bitcoin.Square is up 2.3% premarket.Bitcoin prices are little-changed at $10.69K.