Square buys $50 million in bitcoin as part of larger investment in cryptocurrency

0 Comments

Payments platform Square has purchased $50 million in bitcoin, part of its larger investment in cryptocurrency, the company announced on Thursday. Square bought a total of 4,709 bitcoins, which the company says represents about 1 percent of its total assets as of the end of the second quarter.

Square said it was making the purchase because it believes “bitcoin has the potential to be a more ubiquitous currency in the future,” calling cryptocurrency “an instrument of economic empowerment” that “provides a way for the world to participate in a global monetary system.” Square has accepted bitcoin as a form of payment since 2014.

Jack Dorsey, CEO of Twitter and Square, has long been a proponent of bitcoin, saying in 2018 that he believes it will eventually become the world’s single currency within the next decade. Dorsey, who also owns an undisclosed amount of bitcoin personally, said during an earnings call in 2018 that “Bitcoin, for us, is not stopping at buying and selling. We do believe that this is a transformational technology for our industry and we want to learn as quickly as possible.”

Square added bitcoin trading to its Cash app in 2018, and last year, it formed Square Crypto, an independent team that contributes to bitcoin open-source work. Last month, Square launched the nonprofit Cryptocurrency Open Patent Alliance, aimed at keeping the open-source nature of cryptocurrency alive by pooling patents in a shared library to “defend against patent aggressors.”

Bitcoin’s price is around $10,775 at present.

In May, Square reported its bitcoin revenue for the first quarter was $306 million, on total revenue of $1.38 billion. That’s an increase of 367 percent from the year-ago quarter, the company reported, adding that the rise was “due to growth in the number of active bitcoin customers, as well as growth

Victory Square Technologies Comments on Recent Promotional Activity Pursuant to OTC Markets Request

0 Comments

Not for distribution to Canadian Newswire Services or for Dissemination in Canada

VANCOUVER, British Columbia, Oct. 01, 2020 (GLOBE NEWSWIRE) — Victory Square Technologies Inc. (“Victory Square″) (CSE:VST) (OTC:VSQTF) (FWB:6F6), today announced that it has implemented an expanded shareholder communications initiative to provide greater transparency into the Company’s business plans and growth strategy.

“The Company plans to communicate more effectively with shareholders on an ongoing basis in order to supply relevant company information,” said Shafin Diamond Tejani, CEO of Victory Square. “With portfolio companies that are fast-paced and growing rapidly, we thought it prudent to communicate more regularly with our investor base,” added Mr. Tejani.

As part of its multi-channel approach, Victory Square presented at the LD 500 Virtual Conference hosted by LD Micro on September 2nd, will be presenting at the Proactive One2One Investor Forum on October 27th, and has engaged Electrik Dojo, LLC to increase brand visibility and to deliver pertinent company information via email communications, websites and other digital resources through authorized content publishers in the United States.

1. On September 22, 2020, the Company became aware of promotional activities that included email communications attached to a published article about the Company sent by Electrik Dojo, LLC. The promotional activities did not have an effect on the trading activity of the Company’s security.

2. Neither the Company nor its officers were involved in the content creation or the distribution of the promotional content. The information was taken from the company’s press releases and investor presentation deck. The Company provided payment for services only. The company had no editorial control over third party’s content.

3. Statements made in the promotional materials are not materially false and/or misleading.

4. After inquiry of management, no directors, the Company, or its officers have not sold nor purchased the Company’s securities within

Is Square a Buy Even If the Stock Market Crashes?

0 Comments

Square (NYSE: SQ) has been one of the top-performing stocks on the market in recent years. The mobile payment company’s stock price has returned more than 1,100% over the past five years, and this year it is up more than 150%. Square has been a growth machine, pandemic or no pandemic.

With such strong growth, it has attracted a lot of investors — and a lot of expectations. At Friday’s close, its price-to-earnings ratio was a ridiculously high 245 and its price-to-book-value an astronomic 34. Is Square primed for a correction if the tech bubble bursts? And if so, is it still a buy today?

Fair and Square

The technology sector has driven the resurgence of the stock market since its March lows. Stock prices have skyrocketed for many tech companies, particularly those, like Square, that have provided a critical service while businesses have shut down or scaled back during the pandemic. Square’s technology allows sellers to process payments, payroll, and other functions, and it lets consumers send and receive money through a mobile app. Its services has been in high demand at a time when people are staying and working at home and social distancing. That has led to meteoric growth.

Smiling man holding credit card and smartphone

Image source: Getty Images.

In the second quarter, revenue jumped 64% from the same period the previous year to $1.9 billion, while gross profit rose 28% to $597 million. The Cash App generated a big chunk of it, with $1.2 billion in revenue and $281 million in gross profit in the quarter. It had 30 million active users in June, while the Cash Card, a debit card tied to the Cash App, had about 7 million users. These gains made up for a 17% drop in revenue from the seller side of the business as transactions slowed due