As you probably heard, Square invested $50 million in bitcoin today and they will hold the digital currency on their balance sheet, representing roughly 1% of their total assets. As of June 30, Square's total assets were $7.8 billion with over 24 million monthly active customers. In recent weeks, Jack has been very vocal speaking out against Brian Armstrong and Coinbase, attacking their decision to become apolitical despite having a mission that includes building a more open financial world and ending global poverty. "Bitcoin is direct activism against an unverifiable and exclusionary financial system which negatively affects so much of our society. It's important to at least acknowledge and connect the related societal issues your customers face daily," Jack tweeted. Square's Chief Financial Officer, Amrita Ahuja, said in a statement, “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.” Jack launched an internal 12-person team in March 2019 called Square Crypto to help contribute to open source crypto and blockchain projects. Square reported $875 million in BTC revenue from Cash App during Q2 of 2020, up 600% from last year. The average purchase price for the 4,709 bitcoin purchase was $10,617.

Square (Oct 8, 2020)