Square Chief Investment Officer Amrita Ahuja said the payment company has no future plans to buy bitcoin. The last time Square invested in bitcoin was in February 2021. At that time, the company bought $170 million worth of the cryptocurrency at an average price of $51,000. Before that, it bought bitcoin in October 2020. The cryptocurrency now accounts for about 5% of Square's total reserves.
In early May, the payment company published a financial report for the first quarter of 2021, according to which the income from investments in bitcoin was $3.5 billion, while the gross profit from investments in the cryptocurrency was only 2% of that amount - $75 million.
Square is a financial technology company that develops solutions for accepting and processing electronic payments. It was founded by Twitter CEO and founder Jack Dorsey in 2009. In 2015, the company held an IPO and went public.