By Dhirendra Tripathi
Investing.com – Square (NYSE:SQ) shares fell more than 3% Monday after word of its plan to raise $2 billion in debt.
Square intends to use the net proceeds for general corporate purposes, which may include potential acquisitions and strategic transactions, capital expenditures, investments and working capital, it said in a statement.
The deal includes two notes, and the interest rate, redemption provisions, maturity date and other terms will be determined by negotiations between Square and the initial purchasers.
The offering comes after CFO Amrita Ahuja’s statement Friday that the company had no plans to buy more bitcoin (BitfinexUSD), the largest cryptocurrency.
"We don't have any plans at this point to make further purchases," Ahuja told Financial News.
Square lost $20 million on its bitcoin investment last quarter, Financial News said.
According to Business Insider, Square holds 8,027 bitcoins. They are worth around $360 million at the current price.