Payments company Square has announced that Cash App doubled its Bitcoin revenue in Q2 2019, according to data from the company’s Q2 shareholder letter.
The letter details how the Cash App ecosystem generated $260 million in total net revenue throughout Q2. Bitcoin revenue alone was up to $125 million, while the app made another $135 million in subscription, services-based, and transaction-based revenue.
In three years, Cash App’s total net revenue has increased from approximately $1 million in the second quarter of 2016 to $260 million ($135 million excluding Bitcoin) in the second quarter of 2019.
Square attributes the surge in Bitcoin revenue to Bitcoin’s recent bullish run.
“During the quarter, Bitcoin revenue benefited from increased volume as a result of the increase in price of Bitcoin, and generated $2 million of gross profit,” the letter states.
Back in Q1 2019, Square released a report outlining how it achieved a new revenue high from Bitcoin sales via the Cash App at $65.5 million – meaning it has doubled its Bitcoin revenue in Q2.
It is not surprising to see Square and Cash App generating so much money from Bitcoin when its CEO Jack Dorsey has been very vocal about his feelings for Bitcoin in the past.
Earlier this year, Coin Rivet reported on how Jack Dorsey had been buying roughly $10,000 worth of Bitcoin per week, exceeding his weekly buy limit.
Interested in reading more Square-related stories? Discover more about Jack Dorsey looking to hire crypto engineers who would be paid in Bitcoin.