Jack Dorsey’s financial services company Square, Inc. has published its second-quarter financials for 2020, revealing $875 million in revenue from Bitcoin (BTC) trading on its Cash App product.
With Cash App’s Bitcoin business incurring $858 million in quarterly expenses, Square’s BTC services generated $17 million in gross profit, with extreme market volatility and hype for Bitcoin’s block reward halving driving customer demand.
Cash App now has 30 million active monthly users.
Cash App’s Bitcoin profits up 75% since Q1
The quarterly performance comprised a 600% increase in revenue and a 710% gain in gross profit year-over-year, and a 150% increase in gross profit compared to the first quarter of 2020.
Bitcoin-related business represented roughly 2.85% of Square’s total gross profit of $597 million for the quarter.
However, the report notes that “government stimulus programs” likely contributed to the uplift in Bitcoin investment activity.
Square hastily publishes quarterly report
The Twitter account of Square’s Investor Relations wing published the data in response to “early external access of the company’s quarterly financials.” The company will host a conference call on Aug. 5 at 8 a.m. EST to discuss the results.
Square’s quarterly total net revenue was $1.92 billion — 75% above recent forecasts, and a 64% gain year-over-year.
The report has bolstered a strong recent performance for the company’s share price, which has gained more than 9% over the past five days.
Square, Inc. (SQ) five-day chart: Source – Google