Square Invests $170 M in BTC

by in Cryptocurrency News

Square new investment in BTC

American Financial services Square made another investment in Bitcoin. The firm invested $170 million in the asset.

Related: Morgan Stanley Considers Adding BTC

According to the company's Q4 report, the firm has already made $1.76 B from Bitcoin trades implemented in the final quarter of 2020. This is 1000% more compared to the sum of the last year's Q4.

Square and MicroStrategy were among the first institutional investments to add BTC to their balance sheet. The initial investment of Square in Bitcoin was $50 M in October 2020. From that time the price of the crypto asset has grown around four times.

In December 2020, Square announced having gained $987 M due to its seller business. Another $2.17 M came from the financial services provider Cash App.

The application enables sending P2P payments and to exchange equities and BTC.

Over 4 million people were using Square’s Cash App to trade the crypto asset in 2020. The demand for Bitcoin continues to increase. Currently, Bitcoin trades at $50.480 with a market dominance of 61.30%.