By Allison Prang

Square Inc. said Tuesday it bought $170 million in the aggregate worth of bitcoin.

The payments company said it has bought about 3,318 bitcoins. This purchase is on top of the company's prior purchase of $50 million worth of the cryptocurrency.

Square said Tuesday that with both purchases, the cryptocurrency represents about 5% of the company's cash, cash equivalents and marketable securities as of the end of last year.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

February 23, 2021 16:26 ET (21:26 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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