Investing Twitter’s cash reserves in cryptocurrencies “doesn’t make sense right now.” This was stated by the company’s chief financial officer Ned Segal заявил in an interview with WSJ.
According to him, the social network prefers to hold less volatile instruments, such as securities.
“We would have to change our investment policy and opt for more volatile assets,” Segal added.
As of the end of September, Twitter held $3.47 billion in cash and cash equivalents, as well as $3.94 billion in short-term investments.
Earlier, Ned Segal said that Twitter is exploring opportunities to use Bitcoin, but this would require the company to make additional decisions.
Meanwhile, Square, the payments company founded by Twitter chief executive Jack Dorsey, continues to hold Bitcoin on its balance sheet.
“We acquired Bitcoin, and this, in our view, not only demonstrates our interest but could also bring financial benefits in the long term,” they said at Square.
According to Bitcoin Treasuries, Square owns 8027 BTC. As of the time of writing, the assets were valued at more than $486 million.
In the third quarter of 2021, the company’s revenue from selling digital gold via the Cash App amounted to $1.82 billion with a gross profit of $42 million.
In late September, Twitter allowed content creators to accept bitcoin donations.
In November, the social network established a blockchain and cryptocurrency division.
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