Square, an American financial services, merchant services aggregator, & mobile payment company, announced on Thursday that it bought 4,709 bitcoins at the price of $50 million.
“We believe that bitcoin has the potential to be a more ubiquitous currency in the future. As it grows in adoption, we intend to learn and participate in a disciplined way,” company said.
Square stocks were trading up about 2.3% midday Thursday.
This is not Square’s first foray into crypto. In 2018, the company expanded its mobile payment service Cash App to support bitcoin trading, even for people without a bank account. And in 2019 it launched Square Crypto, which awards grants to bitcoin developers & designers.