Square Sees Sharp Rise in Bitcoin Sales in Second Quarter
Square reported record bitcoin sales of $125.1 million for the second quarter of 2019. This figure nearly doubled the company�s previous quarterly volume and represented a surge of over 240% compared to Q2 2018.
Bitcoin Demand Grows Across U.S. Exchanges
The spike in revenue was linked to increased demand for bitcoin across U.S. exchanges in the same period. Analysis by The Block indicated that overall growth rates for BTC/USD trading pairs rose as trading activity intensified.
- Square's Q2 bitcoin sales stood at around 20% of Circle�s Poloniex BTC/USDT volumes.
- Sales equaled about 6% of Gemini�s BTC/USD volume.
- Their volumes represented close to 1% of Coinbase�s BTC/USD activity.
Cash App Positions Bitcoin as Key Engagement Tool
During the company�s earnings call, CEO Jack Dorsey highlighted the integration of bitcoin within Square�s Cash App. Dorsey concluded his prepared remarks with, �We love you, Bitcoin!� CFO Amrita Ahuja later stated that bitcoin offers new opportunities for monetization and user engagement through the Cash App ecosystem.
With the continued rise in bitcoin demand and Cash App adoption, Square�s position in the cryptocurrency market appears to be strengthening. The sales milestone underscores the broader trend of increasing retail interest in digital assets among payment platforms.
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