Square allocates one percent of it's total assets to Bitcoin

Square Inc. has announced today that it has purchased 4,709 BTC for approximately $50 million, allocating around 1 percent of its total assets as of Q2 2020 to Bitcoin.

The payments company, founded by Twitter's CEO Jack Dorsey, said that it intends to participate in growing Bitcoin's adoption.

CashApp's parent company Square invests $50 million in Bitcoin.

Square, a payments company founded by Twitter CEO Jack Dorsey, has announced today that it has purchased approximately 4,709 bitcoins.

Square's chief financial officer Amrita Ahuja said that the investment was a result of the company's belief that Bitcoin has the potential to become a more ubiquitous currency in the future.

While buying $50 million worth of bitcoins is a huge step for a company involved in traditional finance, Square has acquired quite a reputation in the crypto industry due to its continuous investments in cryptocurrencies.

The company said that it has previously invested in Bitcoin "From a product, leadership, and legal innovation perspective," but that today's announcement will be adding a "Financial investment" to the list.

Despite the huge investment, Square hasn't actually allocated that much of its resources to Bitcoin.

According to the company's blog post, the investment represents approximately 1 percent of Square's total assets as of the end of the second quarter of 2020.

In 2018, the company enabled bitcoin trading in its CashApp, formed an independent crypto team a year later, and launched the Cryptocurrency Open Patent Alliance earlier this year.