Square’s Cash App Reports A 600% YOY Increase In Bitcoin Revenue

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  • Square’s Cash App reported $875 million in Q2 Bitcoin revenue with $17 million in Bitcoin gross profit.

Fintech giant Square released its quarterly financials Tuesday evening after the market close. The shareholder letter noted that Square’s Cash App saw $875 million in Bitcoin revenue with $17 million in Bitcoin gross profit.

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 2020 Q2 Shareholder Letter (Page 10)

Square’s Cash App allows users to purchase and sell Bitcoin through the app. As reported previously by The Crypto Associate, Cash App has added automatic recurring Bitcoin buys. The feature allows individuals to automatically purchase Bitcoin every day, week, or two weeks.

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