Square Stops Investing in Bitcoin
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May 14, 2021

Square, Inc., an American digital payments company, has no plans to purchase more bitcoins (EXANTE: Bitcoin). The company's Chief Financial Officer, Amrita Ahuja, told Financial News that Square currently has no plans to continue its investments in the cryptocurrency as the San Francisco-based company lost $20 million on its $220 million investment in the cryptocurrency last quarter.

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However, Ahuja noted the company sees "lots of other opportunities" for it to learn with bitcoin. She also added that bitcoin amounted on its balance sheet to approximately 5% of its cash on hand.

MicroStrategy Puts Another $15M in Bitcoin

Square's decision to stop investment into the cryptocurrency space comes after Tesla announced it will no longer accept bitcoin payments. Elon Musk wrote on his Twitter account that the decision was made due to the company's concerns about the impact bitcoin on the environment.

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