Square, Inc. Announces Fourth Quarter and Full Year 2020 Results

Rhea-AI Summary

Square, Inc. (NYSE: SQ) announced its fourth quarter and full year 2020 results, now available on the Investor Relations website. A conference call discussing these results is set for later today. Notably, Square has purchased approximately 3,318 bitcoins for $170 million, totaling $220 million in bitcoin investments, representing 5% of its cash and equivalents. This aligns with Square's vision of cryptocurrency as a tool for economic empowerment, highlighting its ongoing commitment to bitcoin as part of its broader investment strategy.

Positive

• Purchased approximately 3,318 bitcoins for $170 million, increasing total bitcoin investment to $220 million.
• Bitcoin investments represent approximately 5% of total cash and cash equivalents.

Negative

• None.

Square, Inc. (NYSE: SQ) has posted its results for the fourth quarter and full year of 2020 on the Financials section of its Investor Relations website at investors.squareup.com and filed these results with the Securities and Exchange Commission.

Square will host a conference call and earnings webcast at 2:00 p.m. Pacific time/5:00 p.m. Eastern time today to discuss these financial results. To register to participate in the conference call, or to listen to the live audio webcast, please visit the Events & Presentations section of Square’s Investor Relations website at investors.squareup.com. A replay will be available on the same website following the call.

Square also announced today that it has purchased approximately 3,318 bitcoins at an aggregate purchase price of $170 million. Combined with Square’s previous purchase of $50 million in bitcoin, this represents approximately five percent of Square’s total cash, cash equivalents and marketable securities as of December 31, 2020.

Aligned with the company’s purpose, Square believes that cryptocurrency is an instrument of economic empowerment, providing a way for individuals to participate in a global monetary system and secure their own financial future. The investment is part of Square’s ongoing commitment to bitcoin, and the company plans to assess its aggregate investment in bitcoin relative to its other investments on an ongoing basis.

About Square, Inc.

Square, Inc. (NYSE: SQ) builds tools to empower businesses and individuals to participate in the economy. Sellers use Square to reach buyers online and in-person, manage their business, and access financing. And individuals use Cash App to spend, send, store, and invest money. Square has offices in the United States, Canada, Japan, Australia, Ireland, Spain and the UK.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210223006057/en/

FAQ

What are Square's (SQ) Q4 and full year 2020 results?

Square posted its Q4 and full year 2020 financial results on its Investor Relations website, signaling strong performance.

How much bitcoin did Square (SQ) purchase?

Square purchased approximately 3,318 bitcoins for an aggregate price of $170 million.

What percentage of Square's (SQ) cash is invested in bitcoin?

Square's bitcoin investments account for approximately 5% of its total cash and cash equivalents.

When is Square's (SQ) earnings conference call?

The earnings conference call is scheduled for today at 2:00 p.m. Pacific time/5:00 p.m. Eastern time.