Square’s $50 million investment in bitcoin last month is already paying dividends, as bitcoin surges to levels not seen since its 2017 ascent.
In October, Square said it purchased 4,709 bitcoins in a single day for an aggregate purchase price of approximately $50 million. The move was in a bid to expand its exposure to the popular crypto currency, building ontop of its platform that already allows its users to buy, sell and transfer bitcoin.
Square bought the 4,709 bitcoins for an average price of $10,618. Since the October purchase, bitcoin has surged nearly 70% to a high of $17,850 as of Tuesday afternoon, representing paper profits of $34 million for Square’s initial purchase.