(Reuters) – Visa, the world’s largest credit and debit card company, said on Friday it currently has about a 1 percent stake in mobile payments company Square Inc based on a 2011 investment.
Visa told Reuters its current holdings are just more than 4.19 million shares of Class B common stock.
The company has the option to convert up to 3.52 million of these shares into Class A stock, according to a disclosure filed with the Securities and Exchange Commission on Thursday, which would give it at most a 9.99 percent stake in the share class.
If other shareholders also choose to convert their stock at the same time Visa’s stake would be less.
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Square, run by Jack Dorsey, who is also chief executive of Twitter, held an initial public offering in November.
Visa’s about 1 percent stake is based on Square’s fully diluted common equity as of Dec. 31, 2015.
(Reporting by Heather Somerville; Editing by Bernard Orr)
