Square reports $875 million in Bitcoin purchases for Q2 2020, up 186% from last quarter

In an early release of its quarterly financials, Square reported it purchased $875 million Bitcoin in Q2 2020. This total marks Square's highest quarterly Bitcoin purchases ever, besting last quarter by 186%. The company netted $17 million of bitcoin gross profit, which also marked a quarterly best, up 143% from Q2. Square has now purchased more than $1.5 billion in Bitcoin over the last twelve months.

Why it matters:

• Square continues to be one of the most crypto-friendly financial institutions. It is not only a significant source of new inflows to Bitcoin, but the company also gives back to the public good that is Bitcoin through its Square Crypto initiative.
• The company said it benefited "from an increase in bitcoin actives and growth in customer demand." This increase in demand makes sense considering Q2'20 was an eventful quarter which saw Bitcoin rise from the depths of Black Thursday, receive validation from Paul Tudor Jones, reach its third halving event, and hit a new yearly high in price. Square's best quarter yet is another sign there's strong momentum in the crypto markets.