Square, the payments company helmed by Twitter CEO Jack Dorsey, announced Thursday it has purchased 4,709 bitcoins, a $50 million investment representing 1% of the firm’s total assets.
"Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which aligns with the company's purpose," the company said in a statement.
"We believe that bitcoin has the potential to be a more ubiquitous currency in the future," said Square CFO Amrita Ahuja. "For a company that is building products based on a more inclusive future, this investment is a step on that journey."
Bitcoin's price jumped 2.5% following the announcement, while shares in Square popped around 1%.
