$SQ said it bought 4,709 bitcoins ($BTC.X) , worth approximately $50 million and representing ~1% of Square’s total assets as of the end of 2Q2020.

"Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which aligns with the company’s purpose,” the company said in a release.

The move follows MicroStrategy's ($MSTR) decision to move $425mm of its reserve assets last month. Tend to view this as more of a trend than a one-off.