Square Has No Plans Of Buying More BTC At This Point: Report

Square has no plans of buying more BTC at this point while the company’s policy hasn’t changed but they are not in a rush to buy more crypto, at least for now as we can see more in our latest Bitcoin news today.

The digital payments company Square led by Jack Dorsey, decided to hit the brakes for the time being by stopping the BTC purchases after losing $20 million on its previous crypto investments, as the firm’s CFO Amrita Ahuja said:

“We don’t have any plans at this point to make further [Bitcoin] purchases. There are no plans at this point to re-evaluate where we are from a treasury standpoint.”

Square invested $50 million in BTC last October and another $170 million in February. The purchases helped pave the way for other institutional companies to invest in crypto as companies like Microstrategy and Tesla purchased billions of dollars worth of BTC over the past few months. However, Square revealed that it lost $20 billion on its investments in the first quarter of 2021 in the quarterly earnings report published on May 6. In the meantime, Ahuja’s statement doesn’t mean that Square will never in the future buy BTC, reiterating after the publication went live. Ahuja tweeted:

“Our Bitcoin strategy hasn’t changed. We’re deeply committed to this community, including working towards a greener future through our Bitcoin Clean Energy Initiative. And as we shared in February, we continue to assess our Bitcoin investment on an ongoing basis. Nothing new here.”

Her additional clarification doesn’t contradict the initial interview since Ahuja explained there that Square will continue to make further assessments on the BTC front. She continued:

“We’re always evaluating and as ever, I think we’d be customer-led. As we see the evolution of the Bitcoin product or crypto products in general, I think we’ll make further assessments at that point.”

Square has no plans of buying BTC now but Ahuja noted that the company is aware of the growing concerns about the potential impact that BTC mining could have on the environment. The company published a joint research paper with Ark Invest arguing that BTC mining could become instrumental in creating a clean energy future:

“Our position has always been that this is an area that needs innovation in terms of renewables and clean energy, and we want to be a part of that. There’s a broader supply chain question around how renewables and clean energy become a greater part of the blockchain in general, and a greater part of the overall mining and transaction network. It’s the overall fixed footprint of the network that we need to address.”