Square Q2 bitcoin sales topped a record $125 million, up over 240% since last year

Bitcoin • August 1, 2019, 4:49PM EDT
UPDATED: August 1, 2019, 6:22PM EDT
The Block

#Stackingsats has worked its way into the data as Square posted a record $125.1 million in quarterly bitcoin sales for the second quarter of 2019, almost double volumes last quarter and up more than 240% since Q2 2018.

 

According to analysis by The Block, the surge in bitcoin demand across exchanges in Q2 2019 resulted in higher growth rates across U.S. crypto exchanges based on BTC/USD trading pairs. For relative comparison, Square's bitcoin volumes in the second quarter were ~20% of Circle's Poloneix BTC/USDT volumes, ~6% of Gemini's BTC/USD volume, and ~1% of Coinbase BTC/USD volume.

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Update:
During the prepared remarks on the earnings call, Square CEO Jack Dorsey concluded comments on Square's Cash App ecosystem with a warm, "We love you, Bitcoin!"

CFO, Amrita Ahuja, also later added in a response to an analyst question that bitcoin is a new monetization and engagement lever within Cash App.

About Author

Ryan Todd is a research analyst at The Block where he focuses on the convergence of fintech and digital assets. Previously he worked at Deutsche Bank as an equity analyst covering consumer finance and payments companies, and also spent time at ConsenSys exploring the broader Ethereum ecosystem. Ryan holds a BS in Economics and Accounting/Finance from Florida State University, and MS Finance from Vanderbilt University.

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