Following MicroStrategy, the Bitcoin-friendly fintech company Square shocked the space earlier this year when it revealed it would be deploying capital into BTC. The large Silicon Valley firm spent $50 million from its balance sheet, around 1% of its assets, on BTC. This marked the second time a U.S. based publicly listed company had put BTC onto its balance sheet as an investment.
While some thought this move was foolish, Square is now up over 100% on that investment. Square joins MicroStrategy and a number of other firms and funds that have made extremely successful investments in BTC over the past few months.
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Square’s Bitcoin Investment Moons
As noted by a Bitcoin Twitter account tracking market prices, Square’s BTC investment is now up by over 100%:
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“Square’s #Bitcoin position has now 𝗱𝗼𝘂𝗯𝗹𝗲𝗱 𝗶𝗻 𝘃𝗮𝗹𝘂𝗲. On October 7, 2020, Square, Inc. purchased approximately 4,709 bitcoins at an aggregate purchase price of $50 million. Purchase price: $10,617 Current price: $21,400,”
Of note, Square is far from the only firm to have made a successful investment in Bitcoin over recent months.
Just earlier today, Guggenheim’s Scott Minerd, their global CIO, said that his firm started to allocate capital to Bitcoin at around $10,000. He did not disclose through which vehicle they…
