"In the second quarter, profits from Bitcoin sales increased due to higher trading volumes amid rising prices. Gross profit amounted to $2 million," the report says.
Cash App's total revenue for the second quarter amounted to $260 million, while the cost of buying the cryptocurrency was $122.9 million.
The first quarter turned out to be the best selling Bitcoin for Square at that time - $65.5 million was raised, of which net profit amounted to $832,000. The second quarter, however, was significantly better than the company's previous record. In comparison, Square managed to sell $166 million worth of Bitcoins throughout 2018.
According to Chris Brandler, Director of Research at CB Insights, adding the ability to buy Bitcoin makes Square products more attractive to potential customers. "They don't make a lot of money from it, but the involvement of users is growing," he explained.