Square CFO Says There's 'Absolutely a Case' for All Balance Sheets to Have Bitcoin

Ahuja said her company sees bitcoin and cryptocurrency as "expanding access to financial services" particularly on a global scale.

AccessTimeIconMar 29, 2021 at 9:17 a.m. UTC
Updated Sep 14, 2021 at 12:32 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The chief financial officer (CFO) of payments giant Square, Amrita Ahuja, believes more companies need to get on board with cryptocurrency.

In an interview with Fortune Magazine's new CFO newsletter on Sunday, Ahuja said her company sees bitcoin and cryptocurrency in general as "expanding access to financial services" particularly on a global scale.

"There's absolutely a case for every balance sheet to have bitcoin on it," said Ahuja in relation to user adoption and an emerging trend by large firms to pick up the nascent asset class.

Square is the company behind the peer-to-peer payments platform Cash App, which allows users to purchase cryptocurrency and store them in a digital wallet. The company has made multiple bitcoin purchases over the last six months - a move that has continued to pay off, according to earnings estimates.

“The investment that we made on our balance sheet for bitcoin represents about 5% of our cash," said Ahuja. "We intend to hold for the long term here." The CFO also said Square would assess its strategy on an ongoing basis based on how "the bitcoin ecosystem evolves," according to the report.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.