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Finance

Twitter Considering Bitcoin Options, Including on Balance Sheet, Exec Says

Chief Financial Officer Ned Segal said the firm has been watching other companies to see what it can learn.

By Tanzeel Akhtar
AccessTimeIconFeb 10, 2021 at 3:25 p.m. UTC
Updated May 9, 2023 at 3:15 a.m. UTC
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Twitter is considering adding bitcoin to its company reserves, according to Chief Financial Officer Ned Segal.

Segal told CNBC's "Squawk Box" Wednesday that the social media giant is also looking at payment options involving the top cryptocurrency by market cap.

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    • “We have done a lot of the upfront thinking to consider how we might pay employees should they ask to be paid in bitcoin, how we might pay a vendor if they asked to be paid in bitcoin and whether we need to have bitcoin on our balance sheet,” he said.

    The CFO added that the team watches closely what other companies do to see what can be learned from them.

    In recent months, major firms like MicroStrategy started to invest in bitcoin as a hedge against inflation and a devaluation in the U.S. dollar. Most notably, Fortune 500 firm Tesla announced Monday it has put $1.5 billion into bitcoin.

    Read more: Twitter CEO Jack Dorsey Has Set up His Own Bitcoin Node

    Segal's comments are perhaps not surprising. Twitter CEO Jack Dorsey is a noted advocate of bitcoin, having brought in a buying and selling service for the cryptocurrency at Square, which he also heads. He also set up Square Crypto, a small team dedicated to supporting bitcoin development.

    Twitter shares were trading up 11.67% at $66.88 on Wednesday at the time of publication. 

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.