Cash App bitcoin sales jumped 34% in Q2 to $2.4 billion

Quick Take

  • Bitcoin sales on Cash App jumped 34% in the second quarter from the same period last year to a whopping $2.4 billion.

Payment company Block, Inc. said that bitcoin sales on its Cash App platform jumped 34% in the second quarter from the same period last year to a whopping $2.4 billion.

Gross profit from the bitcoin sales came in at $44 million, up 7% year over year. The company said customers were buying more of the digital asset, even with declining prices. 

"The year-over-year increase in bitcoin revenue and gross profit was driven by an increase in the quantity of bitcoin sold to customers, partially offset by a decrease in the average market price of bitcoin compared to the prior-year period," the company said

Bitcoin investments

Block noted its bitcoin investments, having purchased $50 million in the fourth quarter of 2020 and $170 million in the first quarter of 2021.