{"id":19635,"date":"2019-08-02T16:27:53","date_gmt":"2019-08-02T16:27:53","guid":{"rendered":"http:\/\/ci027cfe6ed0092697"},"modified":"2025-01-27T21:36:19","modified_gmt":"2025-01-27T21:36:19","slug":"square-doubles-bitcoin-revenue-q2-2019","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/technical\/square-doubles-bitcoin-revenue-q2-2019","title":{"rendered":"Square Doubles Bitcoin Revenue in Q2 2019"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><figure><img decoding=\"async\" src=\"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2025\/01\/square-cash-app-doubles-bitcoin-revenue.png\" title=\"\"><\/figure>\n<p>Payment company Square <a href=\"https:\/\/s21.q4cdn.com\/114365585\/files\/doc_financials\/2019\/Q2\/2019-Q2-Shareholder-Letter-Square.pdf\" target=\"_blank\" rel=\"noopener\">reported<\/a> 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.<\/p>\n<p>\u201cDuring 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,\u201d the report explains.<\/p>\n<p>Bitcoin, cryptocurrency\u2019s 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.<\/p>\n<p>Square\u2019s Q2 report sees a jump in its revenue and profits from the last <a href=\"https:\/\/s21.q4cdn.com\/114365585\/files\/doc_financials\/2019\/Q1\/2019-Q1-Shareholder-Letter-Square.pdf\" target=\"_blank\" rel=\"noopener\">quarter<\/a>. The payment startup\u2019s Q1 earnings were reported at $65.6 million in bitcoin sales and $832,000 in profit.<\/p>\n<p>Square started offering barebones bitcoin trading services in 2018, where users could buy, sell and withdraw BTC. Once it saw the demand, it started <a href=\"https:\/\/cash.app\/help\/us\/en-us\/3107-deposit-bitcoin-into-cash-app\" target=\"_blank\" rel=\"noopener\">accepting<\/a> bitcoin deposits in 2019. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The payment startup, which runs Cash App, generated $2 million in gross profits which it attributed to the bitcoin price rally.<\/p>\n","protected":false},"author":3435,"featured_media":16632,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[749],"class_list":{"0":"post-19635","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-technical","8":"tag-square"},"author_data":{"id":3435,"name":"Jimmy Aki","nicename":"jimmy-aki","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/jimmy-aki-promo-image-96x96.jpg"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/square-cash-app-doubles-bitcoin-revenue.png","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/19635","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/3435"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=19635"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/19635\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/16632"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=19635"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=19635"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=19635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}