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Square buys $170 million worth of bitcoin

Substantial bought $170 million worth of bitcoin, the company revealed in its fiscal fourth-quarter financial report Tuesday.

The circle said it purchased approximately 3,318 bitcoins, expanding on its October 2020 buy of 4,709. Square said it represents there 5% of the company’s total assets as of the end of 2020.

Bitcoin traded around $48,000 after the bell Tuesday, up nearly 62% for the year.

“The investment is say of Square’s ongoing commitment to bitcoin, and the company plans to assess its aggregate investment in bitcoin relative to its other investments on an interminable basis,” the company said in its earnings release. Its CEO, Jack Dorsey, as also been an advocate of the digital currency.

Companies are increasingly prejudice into bitcoin as it becomes more mainstream. Tesla announced earlier this month it bought $1.5 billion benefit of bitcoin for “more flexibility to further diversify and maximize returns on our cash.”

Pouring into the digital coin down attack with risks, due to its volatility. Tesla’s share price is now directly linked to the price of bitcoin, according to Wedbush analyst Daniel Ives.

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