10 Companies Hoarding Bitcoin Like There’s No Tomorrow

8. Block, Inc. (NYSE:SQ)

Bitcoin Holdings: 8,363

Number of Hedge Fund Holders: 64

Block, Inc. (NYSE:SQ) develops platforms for commerce and financial services globally, operating through Square and Cash App. Cash App provides mobile financial tools, including peer-to-peer payments, bitcoin, stock investments, tax services, and buy now, pay later options. It also owns TBD for decentralized finance, Bitkey for Bitcoin wallets, and Spiral for open-source Bitcoin projects.

In the nine months ending September 30, Block (NYSE:SQ) generated Bitcoin revenue of $7.77 billion. Moreover, the company was safeguarding assets related to Bitcoin held for other parties worth $1.143 billion. Block holds bitcoin for two purposes: as a long-term investment and for facilitating customer transactions on Cash App. As of September 30, 2024, the company owned approximately 8,363 bitcoins, which had a total cost basis of $241.1 million. This was an increase from 8,038 bitcoins, with a total cost basis of $220.0 million, held on December 30, 2023.