Square doubled the proceeds from the sale of bitcoin

In the second quarter of 2019, Square's revenue through the Cash App was $ 125 million, which is almost two times higher than in the first quarter. This is evidenced by the data of financial statements published by the company.

Total Cash App revenue for the second quarter was $ 260 million, and gross profit reached $ 2 million. Square representatives linked the improved financial indicators with an increase in trading volume amid rising Bitcoin prices.

The costs for the purchase of cryptocurrency amounted to $ 122.9 million.

It is noteworthy that for the entire 2018 Square managed to sell bitcoins for $ 166 million.

Recall that in the first quarter of 2019, Square’s revenues from Bitcoin sales amounted to $ 65.5 million . At the same time, the company's expenses in this area of activity amounted to $ 64.7 million, which allowed it to reach a profit of about $ 832,000.

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