Square buys 3,318 BTC and earns $ 3.51 billion

Square (NASDAQ: SQ) today announced results for the first quarter of 2021. The company continued to strive to maintain Bitcoin as a “global economic empowerment tool,” and made huge gains from its $ 220 million bitcoin purchases.

“In February 2021, we invested $ 170 million in Bitcoin because we believe that cryptocurrencies are an instrument of economic strengthening that corresponds to the company’s purpose,” the earnings report said.

With that $ 170 million purchase, the company bought an additional 3,318 bitcoin at an average price of $ 51,235.68 per bitcoin. This complements Square’s initial purchase of 4,709 Bitcoin for $ 50 million, which the company announced in October 2020 and which is now valued at approximately $ 263.2 million at the time of writing. The company currently holds 8,027 Bitcoin valued at approximately $ 448 million, making it the third largest Bitcoin holding of any publicly traded company.

“We see Bitcoin as the internet’s potential to have a local currency and we want to promote this as best we can,” said Jack Dorsey, CEO of Square, during a conference call. “Our focus is on making Bitcoin a local currency, it removes a number of friction points for our business, and we firmly believe that it will create more opportunities for economic empowerment around the world.”

Square generated staggering bitcoin sales of $ 3.51 billion in the first quarter of 2021 and gross bitcoin profit of $ 75 million, each about 1,000% more than a year earlier. The company’s gross income was $ 964 million, up 79% over the previous year.

Cash App, Square’s payment app and bitcoin sales portal, also saw phenomenal growth this quarter, posting gross income of $ 495 million, up 171% year over year.

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At the end of the quarter, Square had $ 4.8 billion in available cash.

Going forward, Square will continue to offer Bitcoin services to its customers and keep Bitcoin as an economic empowerment tool to set itself apart from the competition.

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