Square, the Jack Dorsey led financial services and mobile payment platform, has disclosed its second quarter figures. According to the report, its Cash App pulled in a whopping $125 million through Bitcoin alone. This is almost two times the Bitcoin sales figure from its first quarter and also almost half of Cash Apps’ entire $260 million from the quarter.
The report mentions that the increase in volume from Bitcoin sales was due to the surge that swept the cryptosphere since April. It further states that Bitcoin costs for the quarter, stood at $122.9 million.
“During the quarter, bitcoin revenue benefited from increased volume as a result of the increase in the price of bitcoin, and generated $2 million of gross profit.”
Square’s first quarter saw Bitcoin transactions pull in $65.5 million in revenue with an $832,000 profit. This means that the $125 million it was able to generate in the second quarter is a fantastic margin and shows commendable growth regardless of the Bitcoin surge. It is worthy of note here that throughout last year, Square’s total Bitcoin sales was $166 million. This means that the first half of 2019 has already surpassed the 2018 figure by more than $23 million. However, even with these numbers, Bitcoin will not be regarded as a major player in the Square business, which reported revenue for second quarter transactions topping $775 million.
According to Chris Bendler, the addition of Bitcoin is great for Square even if they aren’t making that much money from the service. This is because, Bitcoin profit or not, the addition is bringing in significant engagement.