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Square’s Cash App Garnered $306 in Bitcoin Revenue for Q1 2020

Yiran Dai

Summary: Square reported $306 million in Bitcoin revenue via the Cash App for Q1 2020, which generated a gross profit of $7 million, according to Square’s Q1 2020 Shareholder Letter released on May 6.

Square reported $306 million in Bitcoin revenue via the Cash App for Q1 2020, which generated a gross profit of $7 million, according to Square’s Q1 2020 Shareholder Letter released on May 6.

The mobile payment company’s gross profit from Bitcoin sales soared by 90%, compared with the last quarter. Square’s CFO, Amrita Ahuja, said in March that, “Adoption and engagement of fractional equity investing in Bitcoin has accelerated in recent weeks given recent market interest and volatility,” reported the Block.

By Yiran Dai

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