Square Q2 Bitcoin sales hit a new high, reaching $125 million, the founder confessed to BTC

Payment company Square announced its second-quarter earnings on Thursday, showing that its Cash App sales of Bitcoin reached $125 million, a record that was almost double that of the first quarter.

Crypto

The report states:

“In the quarter, Bitcoin revenues benefited from increased transaction volume from bitcoin prices and generated a total profit of $2 million.”

Square was founded by Twitter co-founder Jack Dorsey, which reported that as of the second quarter of 2019, Bitcoin accounted for nearly half of its Cash App total revenue, reaching $260 million. However, in this unaudited quarterly report, Bitcoin costs $129.9 million and profits are $2 million.

On Thursday afternoon, Dorsey announced the numbers on the investor conference call. He said:

"Bitcoin, we love you."

The first quarter of 2019 was the best quarter for Square's Bitcoin business at the time, with revenue of $65.5 million and profit of $832,000. However, sales in the second quarter reached $125 million, representing a significant increase in the company's business. In contrast, the company reported that bitcoin sales for the full year of 2018 were $166 million.

With a total revenue of $1.17 billion for the quarter, Bitcoin has a long way to go from Square's overall strategic center. The report shows that transaction-based revenues in the second quarter exceeded $775 million.

The company sells Bitcoin to its users through its Cash App, which expanded to 50 states in the United States in August 2018.

Earlier this week, the company explained the positioning of Square Crypto. Square Crypto is a company-wide project that aims to make an open source contribution to the Bitcoin protocol and ecosystem.

A senior research director at CB Insights, a market intelligence company, told CoinDesk that he believes Bitcoin can help Square attract more customers.

Chris Brendler said:

“They didn’t get huge profits from it, but they did get more people involved.”