Owners of CashApp, Square, reportedly bought $1.5 billion USD worth of bitcoin in the last one year, Messari’s latest report has revealed.
The cryptocurrency research firm in its latest report stated that Square, payments giant purchased the bitcoins so as to facilitate massive customer demand on CashApp, its mobile app.
It’s gathered that the majority of the BTC bought happened in the most recent quarter, “In an early release of its quarterly financials, Square reported it purchased $875 million Bitcoin in Q2 2020” Messari report says.
Shedding more light into how Square through its mobile app leveraged on the bitcoin, the reports says, “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.”
Square’s CashApp reports about $858 million worth of BTC purchases between April and June, a more than 186% increase from the nearly $300 million worth of Bitcoin purchased in 2020 Q1.
— Messari (@MessariCrypto) August 5, 2020
Its also a nearly 600% increase from 2019 Q2, which only saw $122.938 million in BTC purchases.
The app reportedly saw massive increases in BTC revenue and gross profit in 2020 Q2.
It’s also reported that the recent surge in the bitcoin price favoured the Square as customer demand for the most valuable digital asset surged.
In May this, the app-enabled a new feature that allows users to make automatic and recurring Bitcoin purchases.
Cash App is a mobile payment service developed by Square, Inc., allowing users to transfer money to one another using a mobile phone app.
As of February 18, 2018, the service recorded 7 million active users. The number of its active users is expected to increase exponentially due to the recent rush for bitcoin and digital assets.