Square reports $306 million in Bitcoin purchases for Q1 2020, its highest quarterly amount ever
In its Q1 2020 earnings released after market close today, Square reported its highest quarterly Bitcoin purchases ever, purchasing $306 million Bitcoin in Q1 2020. Square netted $7 million in gross profit on the purchases. Square has now purchased more than $750 million in Bitcoin over the last twelve months.
Why it matters:
- Square is one of the most crypto-friendly financial institutions, and a significant source of new inflows to Bitcoin.
- Square recently received a banking charter allowing it to provide deposit insurance on funds stored with the bank.
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