Square Says It Has No Plans to Change Bitcoin Buying Strategy

May 14, 2021 | Decrypt News | 0 comments

square-says-it-has-no-plans-to-change-bitcoin-buying-strategy

The crypto-friendly digital payments company Square has no plans to change its investment strategy regarding Bitcoin, a company spokesperson has confirmed to Decrypt.

The statement contradicts a report earlier today from Financial News, quoting from an interview with Square CFO Amrita Ahuja.

“We don’t have any plans at this point to make further purchases,” Ahuja told the London-based publication. “There’s no plans at this point to re-evaluate where we are from a treasury standpoint,” she said, adding that there are still “lots of other opportunities for [Square] to learn with Bitcoin.”

But the Square spokesperson clarified to Decrypt that the company’s Bitcoin plans haven’t changed, and it will continue to evaluate the asset as an investment opportunity on an ongoing basis. The company has purchased a total of $220 million in Bitcoin to date, currently valued at $41o million.

Square, which is led by Twitter CEO Jack Dorsey, helped kick off a wave of institutional adoption last fall when the company announced its first Bitcoin purchase. Dorsey has been a vocal proponent of cryptocurrency, and has said he plans to add “decentralized” capabilities to Twitter down the line.

Square Invests $50 Million in Bitcoin

He auctioned off the first ever tweet as an NFT earlier this year, in an auction that generated nearly $3 million.

Ahuja said that Square’s Bitcoin holdings amounted to about 5% of its cash on hand.

Square’s Bitcoin proselytizing hasn’t come without controversy: the company recently put out a report suggesting that Bitcoin incentivizes renewable energy—something that’s been widely disputed.

Additional reporting by Jeff Roberts.

News Source from Decrypt.co

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