Square’s $50M Bitcoin Buy Is Now Worth $253M
The value of Square’s bitcoin investment from October 2020 has increased fivefold.
According to Arcane, the new corporate buyers appear intent on keeping the cryptocurrencies for the long term "and see further upside potential in bitcoin."
Analysts with Royal Bank of Canada and Goldman Sachs gave divergent estimates for the bitcoin-friendly payments firm.
Ahuja said her company sees bitcoin and cryptocurrency as "expanding access to financial services" particularly on a global scale.
The $4.57 billion in bitcoin revenue translated to $97 million in profit.
Ahead of its fourth-quarter earnings call Tuesday the payments firm announced it had purchased an additional 3,318 BTC as a reserve asset.