Square invests 50 million USD in BTC: instrument of economic empowerment

[el kaka22]

Square is owned by Jack who owns Twitter which means that these "corporations invest into bitcoin" thing is getting bigger. Of course Tesla invested 1.5 billion dollars so comparing this 50 million versus the 1.5 billion this is a small piece of the cake.

However realize that if all the companies in the world who have some cash reserved in bank account that they haven't used yet, ends up putting all of that money into bitcoin until they need to spend it, that would cause bitcoin to be 100k+ very easily, probably closer to 200k in reality. That is why we should be supporting every single investment like this, doesn't matter if it is small or not because we really need every bit of that money, even if it is just thousands of dollars. Jack is a good guy, I haven't heard anything bad about him at least, and that is something I can be happy about when a person like that invests into bitcoin.

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[dezoel]

I do believe that when bigger companies end up spending money to increase crypto adoption that is just a good thing. Think about it if Square helped Coinbase with 50 million dollars waaay back when they first started, maybe the whole USA situation in crypto world would have come a lot sooner and that is what I really want to do, have a nation where we know what we are doing and that is the direction we would have taken as well.

It is not an easy task of course and I understand the logic but with more and more companies investing into not just buying crypto but also investing into  crypto related stuff that is going to change the shape of the world. I really do want to think that we could do that, it is just that we need to encourage other places to invest into crypto stuff as well and that will get more common when the earlier ones like Square makes a good profit from it.

[Daltonik]

Jack Dorsey said that Square will launch a business aimed at creating an open platform for developers of non-custodial, inclusive and decentralized financial services. Dorsey noted that the platform intends to adhere to the principles of full openness, this applies to the roadmap, development and source code.

The initiative will be led by Mike Brock, head of the strategic direction of Square. He has already started selecting a team and introduced a number of developers.

An investment fund managed by Katie Wood, Ark Invest, on Friday bought more than 225,000 XNUMX shares in Square, a day after the company launched its new bitcoin business.

[moderator's note: consecutive posts merged]

[fillippone]

Square announced their Quarterly results:

Square, Inc. Announces Second Quarter 2021 Results

All details are available on Square Investor Website


On the Cashapp section, we read that:

Cash App generated $2.72 billion of bitcoin revenue and $55 million of bitcoin gross profit during the second quarter of 2021, each up approximately 3x year over year. Bitcoin revenue and gross profit benefited from year-over-year increases in the price of bitcoin and bitcoin actives, and growth in customer demand. Compared to the first quarter of 2021, bitcoin revenue and gross profit decreased on a quarter-over-quarter basis, driven primarily by relative stability in the price of bitcoin, which affected trading activity compared to prior quarters.
In future quarters, bitcoin revenue and gross profit may fluctuate as a result of changes in customer demand or the market price of bitcoin, particularly as we lap strong growth rates on a year-over-year basis in the second half of 2020.

I updated my spreadsheet



While Grayscale stopped their buys, Square kept the pace, albeit with a little bit of slowing:

[fillippone]

I am upping this thread as Block, the new rebranding of Square, ahs just announced the latest Quarterly Earnings:

Block Announces First Quarter 2024 Results

May 02, 2024
DISTRIBUTED-WORK-MODEL/OAKLAND, Calif.--(BUSINESS WIRE)-- Block, Inc. (NYSE: SQ) has posted its results for the first quarter of 2024 on the Financials section of its Investor Relations website at investors.block.xyz and filed these results with the Securities and Exchange Commission.

Block will host a conference call and earnings webcast at 2:00 p.m. Pacific Time/5:00 p.m. Eastern Time today to discuss these financial results. To register to participate in the conference call, please visit the Events & Presentations section of Block’s Investor Relations website at investors.block.xyz.

Block also announced today a strategic investment into bitcoin following numerous positive developments both within the company and in the broader market. In April, Block implemented a bitcoin dollar cost average (DCA) purchase program that will run through 2024. Under the program, Block will be investing 10% of its gross profit from bitcoin products into bitcoin purchases.

Aligned with the company’s purpose, Block believes that bitcoin is an instrument of economic empowerment, providing a way for individuals to participate in a global monetary system and control their own financial future. In a new memo, Block has outlined its strategy for company owned bitcoin held for investment purposes, including its historical purchase execution, storage mechanics, and insurance and accounting considerations. The company plans to assess its aggregate investment in bitcoin relative to its other investments on an ongoing basis.

About Block

Block, Inc. (NYSE: SQ) (formerly, Square, Inc.) is a global technology company with a focus on financial services. Made up of Square, Cash App, TIDAL, and TBD, we build tools to help more people access the economy. Square makes commerce and financial services easy and accessible for sellers with its integrated ecosystem of technology solutions. With Cash App, anyone can easily send, spend, or invest their money in stocks or bitcoin. Afterpay brings Square and Cash App together, connecting consumers and businesses. Artists use TIDAL to help them succeed as entrepreneurs and connect more deeply with fans. TBD is building an open source platform and developer infrastructure that enables everyone to access and participate in the global economy.

https://investors.block.xyz/investor-news/news-details/2024/Block-Announces-First-Quarter-2024-Results/default.aspx


So, they announced that they would invest 10% of their profits in Bitcoin. Nothing particularly relevant, actually. They have announced that:

For April 2024, the amount purchased under the DCA was $4.4 million.

We are talking about less than 1,000 Bitcoins per year.
Those are rookie numbers; I Guess the transformation into the Berkshire Hataway of the Digital Assets will stay on Micheal Saylor's lead.