Jack Dorsey’s Square adds 4,709 Bitcoin to its balance sheet By Cointelegraph

Jack Dorsey's Square adds 4,709 Bitcoin to its balance sheet


Jack Dorsey’s Square adds 4,709 Bitcoin to its balance sheet

In a surprise move, Square announced the acquisition of 4,709 (BTC) worth roughly $50 million at time of publication. The company’s co-founder Jack Dorsey has been a long-term proponent of Bitcoin and crypto, while the company’s CashApp allows its users to invest in Bitcoin.

This news comes months after another publicly traded company, MicroStrategy, decided to convert a portion of its treasury into Bitcoin. Currently, the company holds 38,250 BTC and its CEO Michael Saylor has become one of the most vocal Bitcoin advocates. Though MicroStrategy is a large company in its own right with a $1.5 billion market capitalization, it pales in comparison to Square, which holds an $81 billion capitalization.

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