Square Buys $170 Million More Bitcoin, Deepening Crypto Bet
- Company reports fourth-quarter revenue that misses estimates
- Daily users of Cash App jumped by 50% to 36 million in quarter
A customer makes a payment through a Square device in San Francisco.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Square Inc. said it purchased $170 million in Bitcoin, further committing to the cryptocurrency and raising its holdings to about 5% of the company’s cash and equivalents.
The announcement came Tuesday as Square reported that cryptocurrency continues to be a growing part of its business through the use of its Cash App for Bitcoin transactions. The financial payments company’s involvement with Bitcoin is a reflection of Chief Executive Officer Jack Dorsey’s belief in cryptocurrencies and the open internet.