According to the published financial report of Square, in the second quarter, revenue from the sale of bitcoins through the Cash App application amounted to $125 million, which is almost twice as much as in the first quarter.
“In the second quarter, the growth in the value of bitcoin, as expected, led to an increase in trading volume, which, in turn, increased our revenue from the sale of the first cryptocurrency by almost half – the gross profit was $2 million,” the report says.
Cash App’s total revenue for the second quarter was $260 million. At the same time, $122.9 million was spent on the purchase of cryptocurrency. For comparison, in 2018, Square sold $166 million worth of bitcoins. It should be noted that in the first quarter of 2019, the company earned only $65.5 million, of which net profit was $832,000.
“After Square added the ability to buy bitcoin through the Cash App, its products became more attractive to potential customers. They don’t earn a lot of money on this, but they increase the number of users involved,” says Chris Brendler, senior research manager at CB Insights research firm