Square sells Bitcoin worth $875 million in the second quarter

In the second quarter of 2020, the payment company Square sold Bitcoin worth $875 million through the Cash App. This was nearly three times the previous quarter’s figure and seven times the level in the comparable period in 2019.

Due to early external access of the company’s quarterly financials, we are posting our results for the second quarter of 2020 on the Financial Information section of our Investor Relations website at https://t.co/YvEcuo67F8.

— Square IR (@SquareIR) August 4, 2020

According to the latest financial report, the startup spent $858 million on acquiring the cryptocurrency. Its gross profit in the second quarter amounted to $17 million.

“Growth in bitcoin revenue and gross profit was driven by an increase in BTC transactions and positive momentum in consumer demand,” said Square representatives.

Total payment volume for the quarter declined from $25.7 billion to $22.8 billion, while online transactions rose by more than 50% year over year. Additionally, the number of Cash Card transactions increased relative to June.

The company expects that user activity is a result of government stimulus payments, and their impact may ease in the third quarter of 2020.

As reported in the first quarter of 2020, bitcoin sales via the Cash App totaled $306.1 million.

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