Investors angered by Robinhood's decision to block them from buying shares of GameStop (NYSE: GME) fled the online brokerage app, and Mizuho (NYSE:MFG) analyst Dan Dolev says Square (NYSE: SQ) was the beneficiary.
Dolev says a survey of 80 Robinhood traders who abandoned the popular investing platform for another service showed nearly 40% switched to Square's Cash App. The service is a mobile payment platform that allows users to transfer money to one another, as well as invest in stocks and bitcoin.
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Square Gains as Investors Flee Robinhood Over GameStop Restrictions