Square Says It Has No Plans to Change BTC Buying Strategy
2 min read
The crypto-friendly digital payments company Square has no plans to change its investment strategy regarding BTC, a company spokesperson has confirmed to Decrypt.
The statement contradicts a report earlier today from Financial News, quoting from an interview with Square CFO Amrita Ahuja.
“We don’t have any plans at this point to make further purchases,” Ahuja told the London-based publication. “There’s no plans at this point to re-evaluate where we are from a treasury standpoint,” she said, adding that there are still “lots of other opportunities for [Square] to learn with BTC.”
But the Square spokesperson clarified to Decrypt that the company’s BTC plans haven’t changed, and it will continue to evaluate the asset as an investment opportunity on an ongoing basis. The company has purchased a total of $220 million in BTC to date, currently valued at $41o million.
Square, which is led by Twitter CEO Jack Dorsey, helped kick off a wave of institutional adoption last fall when the company announced its first BTC purchase. Dorsey has been a vocal proponent of cryptocurrency, and has said he plans to add “decentralized” capabilities to Twitter down the line.
He auctioned off the first ever tweet as an NFT earlier this year, in an auction that generated nearly $3 million.
Ahuja said that Square’s BTC holdings amounted to about 5% of its cash on hand.
Square’s BTC proselytizing hasn’t come without controversy: the company recently put out a report suggesting that BTC incentivizes renewable energy—something that’s been widely disputed.
Additional reporting by Jeff Roberts.
