Square, the popular mobile payment company, has been making headlines in the cryptocurrency world recently. The company’s CEO, Jack Dorsey, has been a vocal supporter of Bitcoin and has even claimed that it could become the world’s single currency in the future. With Square’s involvement in the crypto space, many are wondering just how much Bitcoin the company actually owns.
Square first entered the cryptocurrency market in 2018, when it added the ability for users of its Cash App to buy and sell Bitcoin. Since then, the company has continued to expand its presence in the crypto space. In 2020, Square made headlines when it announced that it had purchased $50 million worth of Bitcoin, representing 1% of the company’s total assets at the time.
While $50 million may seem like a significant amount of Bitcoin, it’s important to note that Square’s total assets have grown significantly since then. As of the end of 2020, the company’s total assets were valued at $10.7 billion. This means that Square’s Bitcoin holdings represent just 0.46% of the company’s total assets.
Despite the relatively small amount of Bitcoin that Square currently holds, the company’s involvement in the crypto space has been significant. In addition to allowing users of its Cash App to buy and sell Bitcoin, Square has also launched a Bitcoin-focused division called Square Crypto. The division focuses on supporting the development of the Bitcoin ecosystem, and has already made several high-profile hires.
Overall, while Square may not currently hold a significant amount of Bitcoin, the company’s involvement in the crypto space is significant. As Bitcoin continues to gain mainstream acceptance, it’s likely that Square will continue to play a significant role in the development of the ecosystem.