Square says Cash App generated $875 million in bitcoin revenue during Q2, posting $17 million in gross profit
August 4, 2020, 7:41PM EDT
1 min read
Square said Tuesday that it made $875 million in bitcoin revenue via its Cash App service during the second quarter of 2020.
The release — which came a day early stemming from what Square called an "early external access of the company's quarterly financials" — also notes that Cash App generated $17 million in bitcoin gross profit for the same period. Square's filing indicates total expenses related to its bitcoin offering as $858 million.
"Cash App generated $875 million of bitcoin revenue and $17 million of bitcoin gross profit during the second quarter of 2020, up 600% and 711% year over year, respectively. Bitcoin revenue and gross profit benefited from an increase in bitcoin actives and growth in customer demand," Square said in its Q2 results report.
By comparison, Square made $306 million in bitcoin revenue for Q1 and nearly $7 million in bitcoin gross profit for that period, as The Block previously reported.
The chart below shows Square's bitcoin gross profits as a proportion of the company's overall gross profits.
Source: Square Company Filings, The Block Research
In the new release, Square added some color about the Q2 results, noting the impact government programs tied to the coronavirus pandemic.
“Compared to June, we saw month-over-month increases in volume per transacting active Cash App customer across peer-to-peer payments, Cash Card, and bitcoin investing. We recognize this increase may be partially driven by government stimulus and unemployment benefits, which may not sustain at the same levels during the remainder of the third quarter," the report said.
Recently Huobi Wallet has made waves around the industry for launching HClaimer, a new feature that enables users to collect their staking rewards from multiple DeFi projects through just one easy click.
Brazil-based BTG Pactual, Latin America’s biggest investment bank, is launching its own crypto asset platform that will initially support bitcoin and ether trading. The platform will be called Mynt and allow customers to purchase bitcoin and ether, BTG Pactual’s Head of Digital Assets André Portilho tells The Block. Eventually, the platform will support other digital […]
Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency.