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Square not revisiting its Bitcoin allocation, but still interested in the asset

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Over the course of 2020 and 2021, Square purchased over $200 million price of Bitcoin (BTC). At current, the funds firm does not anticipate choosing up extra of the asset, in response to its chief monetary officer, Amrita Ahuja. 

In an interview with Monetary Information printed on Friday, Ahuja mentioned: “We don’t have any plans at this point to make further purchases.” She added: “There’s no plans at this point to re-evaluate where we are from a treasury standpoint.”

Cointelegraph reached out to Square for additional comments but did not receive a response in time for publication. 

In October 2020, Square announced buying $50 million worth of Bitcoin, which equated to 4,709 BTC, given the asset’s prices back then. In February, the company announced picking up $170 million worth of additional Bitcoin, which paid for roughly 3,318 coins.

May has hosted sideways and downward price action from Bitcoin, although Square has still seen some significant profit from its BTC holdings. “In Square’s most recent quarterly earnings, published on 6 May, the company said it had lost $20m on its bitcoin investment despite its fair value rising to $472m based on market prices,” Monetary Information detailed.

Square’s Bitcoin involvement does not cease at its buying of the asset, nonetheless. The corporate’s Money App facilitates free Bitcoin transactions, unveiled in March, as per Square’s Might 6 earnings doc. Square’s Money App additionally hosts Bitcoin buying and selling.

“A number of different alternatives for [Square] to be taught with bitcoin” exist, Ahuja informed Monetary Information following her feedback on the firm’s stance on its Bitcoin holdings.

She additionally mentioned in the interview:

“We’re always evaluating and as ever, I think we’d be customer-led. […] As we see the evolution of the bitcoin product or crypto products in general, I think we’ll make further assessments at that point.”

Square’s CEO, Jack Dorsey, has spoken positively of Bitcoin on quite a few events.

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