Jack Dorsey: You Can Buy a Fraction of Berkshire Stock or ‘Stack Sats’
Jack Dorsey, CEO of Twitter and Square, announced that Square’s Cash App is poised to enable users to purchase fractions of stocks — with an entry of as little as $1.
In a tweet posted on Oct. 24, Dorsey wrote:
“Now anyone can buy $42 or even $1 worth of Berkshire Hathaway A ($BRK.A, or $TSLA or $SFIX or…) instantly and for free right in @CashApp. Really proud of the team for making buying stocks and building wealth accessible to more people. Rolling out now! @WarrenBuffett!”
Unspoken ironies
As CashApp’s Twitter handle indicated the same day, app users will soon be able to own a piece of hundreds of different stocks — rather than an entire share.
This, as Dorsey tweeted, includes the most expensive stock on the market — Berkshire Hathaway Class A — which regularly trades above $300,000 per share.
The irony of Square — which saw its own stock jump $1 billion within 5 days when it first announced its BTC trading option back in 2017 — promoting its new investing product with the example of Berkshire Hathaway shares will not go unnoticed in the crypto community.
Berkshire CEO’s billionaire chairman Warren Buffett is notorious for his by-now ritual opprobrium toward Bitcoin and cryptocurrencies.
#Stacksats
In addition to share fractions, Dorsey also reiterated that users, who aren’t into stocks, can buy fractions of Bitcoin (BTC) using the same interface.
He used the hashtag #Stacksats to refer to one Satoshi; the name (after Bitcoin creator Satoshi Nakomoto) given to the smallest, indivisible unit of the cryptocurrency — one hundred millionth of one Bitcoin.
Earlier this year, during an earnings call devoted to Square’s Q2 2019 results, Dorsey recognized the eye-popping impact that introducing Bitcoin support had on the company’s Cash App revenue.
At the time, Square’s latest shareholder letter had revealed that Cash App had raised $135 million in subscription, services and transaction-based revenue — and that separately, Bitcoin revenue alone accounted for $125 million.
“We love you Bitcoin,” Dorsey said.
In his own annual shareholders’ meeting back in 2018, Warren Buffett, for his part, memorably characterized Bitcoin as being "probably rat poison squared."