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Jack Dorsey’s Square has officially doubled its money on its Bitcoin investment. The company’s $220,000,000 invested in Bitcoin is now worth over $470,000,000.
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Jack Dorsey’s Square has officially doubled its money on its Bitcoin investment. The company’s $220,000,000 invested in Bitcoin is now worth over $470,000,000.
To date, Square holds approximately 8,027 bitcoin, acquired at an aggregate purchase price of $220,000,000 and an average price per bitcoin of $27,407, inclusive of fees and expenses.
Note, that of other companies whose Bitcoin investments have recently doubled, namely MicroStrategy[2] and Tesla[3], Square has acquired its Bitcoin for the lowest average price per coin:
$27,407 SQ
$27,713 MSTR
$34,963 TSLA
Square first announced[4] it had purchased Bitcoin in October of 2020. The firm bought 4,709 bitcoin at an aggregate purchase price of $50 million. In the company’s fourth quarter and full year 2020 report[5], it announced that Square had purchased approximately 3,318 bitcoin at an aggregate purchase price of $170 million.
It is unclear when Square will next purchase Bitcoin, however CEO Jack Dorsey has been working on many Bitcoin-related projects in the past year, outside of publicly advocating at every turn for what he calls the native currency of the internet on Twitter, and at the Bitcoin Conference[6] and the B Word Conference[7].
In September, Twitter rolled out[8] Bitcoin Lightning tips for IOS users, which notably provides no direct compensation to the company. It has been speculated that Jack’s mysterious TBD project is also a Bitcoin-only project. Square's Cash App does not allow the buying or selling of other crypto currencies on its platform, but remains Bitcoin only, and one of