The payment startup, which runs Cash App, generated $2 million in gross profits which it attributed to the bitcoin price rally.
Payment company Square reported its earnings on August 1, 2019, revealing that it received $125 million in bitcoin revenue for the second quarter of the year through its Cash App.
“During the quarter, bitcoin revenue benefited from increased volume as a result of the increase in the price of bitcoin, and generated $2 million of gross profit,” the report explains.
Bitcoin, cryptocurrency’s largest asset by market capitalization, began the quarter trading at $4,134, then it started a parabolic run that saw it cross the $10,000 mark before meeting some resistance.
Square’s Q2 report sees a jump in its revenue and profits from the last quarter. The payment startup’s Q1 earnings were reported at $65.6 million in bitcoin sales and $832,000 in profit.
Square started offering barebones bitcoin trading services in 2018, where users could buy, sell and withdraw BTC. Once it saw the demand, it started accepting bitcoin deposits in 2019.