Square Cash App Q3 bitcoin sales topped a record $148 million, up over 245% since last year
November 6, 2019, 4:24PM EST
1 min read
Another quarter, another bitcoin sales record for Square Cash App.
Square posted a record $148 million in quarterly bitcoin sales for the third quarter of 2019, up ~20% on volumes from last quarter, and up more than 245% since Q3 2018.
In terms of BTC, The Block estimates that the total volume of BTC sales through the Cash App was ~14,300 BTC, using the average price of bitcoin in Q3 ($10.3K).
In the company's third quarter investor letter, the firm credits Cash App's redesigned customer interface in September for increased product adoption of both Bitcoin and Cash Card. Square also noted that first-time bitcoin buyers have "approximately doubled" since the redesign.
The company also is partly crediting bitcoin outperformance in the third quarter as justification for increasing full year revenue guidance to the "upper-end."
"We are increasing the upper end of our full year 2019 total net revenue guidance by $110 million due to underlying trends in our Seller and Cash App businesses, as well as bitcoin outperformance in the third quarter," Square said in its Q3 Investor Letter.
Recently, Square rolled out a new Cash App feature that will allow users to make free stock trades, per a Bloomberg report.
*This is a developing story, and will be updated after the earnings call