Square Customers Buy $2.72 Billion Worth Of Bitcoin In Q2
Payments giant Square has revealed its customers brought in $2.72 billion worth of bitcoin in the second quarter of 2021.
In a new shareholder letter published Sunday, payments giant Square revealed customers brought in $2.72 billion worth of bitcoin in Q2 of this year.
Square’s total net revenue of Q2 this year was $4.68 billion, up 143% year over year, for a gross profit of $1.14 billion, up 91% since 2020.
But while Bitcoin has played a significant role in the company’s revenue in 2021, raking in 3x year over year return on their investment, the firm sought to portray its support for the network as necessary for building and fostering a more useful Bitcoin ecosystem.
“As we have offered individuals the ability to instantly send bitcoin free, unlock unique Boosts, direct deposit their paychecks, and more, customers have continued to find increased utility on the platform,” the letter read.
The company generated a gross profit of $55 million during the second quarter on Cash App fees related to the purchase and sale of bitcoin, which accounted for just 2% of bitcoin revenue. Excluding bitcoin, Cash app’s revenue was $606 million during the same period.
The shareholder letter attributed not only the success of the company but that of customer’s who invested through the platform to an increased demand for, and an ease of access and exposure to bitcoin:
“Our ecosystem continues to be a differentiator as we find that customers who are trading stocks or holding them in their portfolio have engaged more with other products like Cash Card or bitcoin and have generated greater gross profit per customer.”
Square has continued to roll out bitcoin purchasing features such as custom orders, which allow users to set specific prices at which to buy or sell bitcoin. Other recent innovations include the ability to choose one of three sats-per-byte fees on bitcoin withdrawals.