Square’s CFO reportedly says the company has ‘no plans’ to buy more bitcoin after incurring millions in losses

Square’s CFO reportedly says the company has ‘no plans’ to buy more bitcoin after incurring millions in losses

Chief financial officer Amrita Ahuja told on Friday that her company won't buy more bitcoin after incurring millions in losses on previous purchases. "We don't have any plans at this point to make further purchases," Ahuja said. The CFO added that there are "lots of other opportunities" for Square to "learn with bitcoin," however, and said the company is "always evaluating" possibilities in the space. "I think we'd be customer-led," Ahuja said. "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 bought 4,709 bitcoin for $50 million back in 2020 and then an additional 3,318 bitcoin for $170 million in February. In the second purchase, the company paid more than $51,200 per bitcoin, according to calculations from Reuters. Square now holds 8,027 bitcoin worth over $400 million at current prices. The digital payments firm has been a long-time proponent of cryptocurrencies, and in particular, of bitcoin. Square's Cash App platform was one of the first major exchanges to allow customers to buy the digital asset. Square generated $3.51 billion of revenue and $75 million of gross profit from its bitcoin offerings in the first quarter