Square's positive news continues to spread! Officially launching banking and lending services, and Ark Investment has entered the market to buy the dip, with a 10% increase already.

Payment startup Square received approval from the Federal Deposit Insurance Corporation in the United States last year, allowing it to offer commercial loan services. Now, Square's banking arm will officially begin operations, providing compliant loans to business customers.

Square Ventures into Regulatory-Compliant Business Loans

In March last year, Square received approval from the Federal Deposit Insurance Corporation (FDIC) in the United States. Its banking arm, "Square Financial Services," will now be able to offer business loans to corporate clients using the Square payment system.

As reported at the time, FDIC had not approved such an application from any industrial bank in the past 10 years, making it a significant milestone for the crypto-related industry.

Nearly a Year in the Making

After nearly a year, Square announced in a press release that its bank headquartered in Salt Lake City, Utah, "Square Financial Services," has officially begun operations. Amrita Ahuja, the company's CFO, stated:

Introducing banking capabilities enables Square's services to be more flexible. We will continue to provide financial tools to users lacking financial services, and we appreciate the cooperation with FDIC and the Department of Financial Institutions (DFI).

Square Ranks Fourth in Bitcoin Holdings Among Publicly Listed Companies

In early October last year, reports indicated that Square had invested $50 million to acquire 4,709 bitcoins, accounting for about 1% of its total assets at the time.

By the end of February, Square further invested $170 million to purchase bitcoins, increasing its holdings to 8,027 bitcoins, ranking fourth among publicly listed companies, approximately half of the holdings of the third-ranked Galaxy Digital.

Square Stock Price

Starting the year at around $216, Square's stock price soared to $283 at one point. However, similar to Tesla's trend, it has recently dropped back to its early-year levels.

Despite this, Ark Invest, known for its focus on disruptive innovation, remains extremely bullish on the future. According to data from Yahoo Finance, ARK's three funds collectively bought approximately 800,000 shares by the end of February, amounting to nearly $200 million.

As a result, Square's stock price has rebounded, rising from $217 to around $240.