Amrita Ahuja, Square’s chief financial officer (CFO), revealed earlier today that the payments giant isn’t looking to expand its Bitcoin (BTC) holdings at least for now following its $200 million hauling this past 2020 to early 2021. Notably, the mentioned $200 million worth of BTC is currently valued at over $410 million as of press time.
As per Ahuja in the latest Financial News interview, Square has no active plans as of yet to re-evaluate where it currently is from a crypto treasury standpoint. Despite seemingly temporarily suspending its BTC purchases, the Square CFO clarifies that its BTC buying strategy wouldn’t change – it is still looking into the crypto as an appealing investment opportunity for the future.
Jack Dorsey’s Square has been one of the top companies that seemingly kicked off the surge of institutional adoption this past year following its announcement of its very first crypto purchase. Back in October 2020, Square disclosed that it had purchased $50 million worth of BTC – precisely 4,709 BTC back then. Mere four months later, in February, Square bought another $170 million worth of additional BTC, amounting to a specific 3,318 BTC.
Ahuja then confirmed that the company’s current BTC holdings amount to about 5% of its total cash currently in hand.