(Last Updated on February 23, 2021)
Square announced today that they had purchased another 3,318 Bitcoins worth around $170 million before December 31st of last year.
Jack and the team have accumulated over 8,027 Bitcoin in 2020!
Closing out their total Bitcoin allocation to around 5% of their cash holdings in 2020.
“Square also announced today that it has purchased approximately 3,318 bitcoins at an aggregate purchase price of $170 million. Combined with Square’s previous purchase of $50 million in bitcoin, this represents approximately five percent of Square’s total cash, cash equivalents and marketable securities as of December 31, 2020.”– Square Bitcoin Press Release
This announcement came over the conference call on February 23rd, 2021. Square is continuing to stack satoshis in the new year by tripling their initial purchase amount of $50 million in October by purchasing another booming $170 million dollars worth of Bitcoin by end of the year. 2020 has shown some huge digital asset investments by public companies as a hedge against fiat currencies and to strengthen their balance sheet. This new asset treasury reserve strategy is catching on like wildfire in the U.S. and the first corporate adopters like $SQ are seeing exponential returns.
The original purchase of $50 million BTC in October is worth $253 million today.
Many investors thought the original $50 million dollar Bitcoin buy was just “dipping their toes” in the pool.
And they were right.
Square has over $380 million in Bitcoin today!!
First purchase in October for $50 million = 4,709 Bitcoins
Second purchase end of 2020 for $170 million = 3,318 Bitcoins
Total Square Bitcoins = 8,027 Bitcoins
Total US Dollar of BTC at 2/23/21 = $386 million (8,027 btc x $48,136)
Square had continued buying Bitcoins through 2020 and will now be in a heavily profitable position for future growth in the digital space. A smart hedge to bolster against inflation and future dilution of the dollar. There stack of coins has grown immensely and being early to the game by investing last year has tremendously benefited them. The exponential possibility of expansion of wealth through Bitcoin will now form the foundation for Square moving forward.
This will greatly cement their place being involved in the Bitcoin space – smart move for the future.
Jack Dorsey and the team at Square are convicted in their belief that Bitcoin empowers the individual
“Aligned with the company’s purpose, Square believes that cryptocurrency is an instrument of economic empowerment, providing a way for individuals to participate in a global monetary system and secure their own financial future. The investment is part of Square’s ongoing commitment to bitcoin, and the company plans to assess its aggregate investment in bitcoin relative to its other investments on an ongoing basis.”
Jack has been quite vocal on Twitter about his beliefs that Bitcoin empowers the individual with freedom and self-sovereignty over their wealth. This may seem somewhat trivial to some upper class Americans, but to struggling people living in 3rd world countries all around the world, it might be the only option to “opt-out” of their corrupt economic systems.
He has recently donated over 500+ Bitcoin to charity groups in Africa.
There are no other options for many individuals and businesses living in Africa where Dorsey has been very active. Jack has been trying to put the tools for economic empowerment in the hands of startups and companies trying to escape the drag and weight of corruption. Battling censorship, bloated fees and slow beaurocracies, all while only trying to gain access to the global financial system.
It isn’t even footing and it won’t change unless technology can bring evolution and individual freedom.
Governments clearly will not make it happen – history and human greed in the struggle for power shows that.
Bitcoin is equality for all.