Square Puts 1% of Total Assets in Bitcoin in Surprise $50M Investment
Jack Dorsey's payments company is the second publicly traded firm to put some portion of corporate reserves into bitcoin, following MicroStrategy's $425 million all-in bet.
Other payment companies will also likely follow in Square's footsteps or risk getting shut out of a growing segment, JPMorgan wrote.
Square's $50M bitcoin purchase has analysts doing back-of-the-envelope math on the possibility of rising allocations from corporate treasurers.
Fintech giant PayPal confirmed its move into crypto Wednesday. Is its no-withdrawals bitcoin service too restrictive or mainstream-friendly?
Bitcoin’s price jumped on news of payments firm Square’s investment while traders have amassed over $165 million in ether options open interest for December expiration.
Reactions from Bitcoin Twitter and beyond as Square puts 1% of its treasury assets into bitcoin.