Shares of payments company Square surged 10% on Monday after Tesla announced it is investing $1.5 billion into Bitcoin. The electric carmaker also said it may begin accepting the currency as payment, according to a regulatory filing.
In October 2020, Square announced it had purchased 4,709 bitcoins for an aggregate price of $50 million. The San Francisco-based company Square paid an average price of $10,617 for each bitcoin.
Square launched bitcoin trading in 2018 with Cash App, a platform that enables the buying and selling of bitcoin. Cash App