{"id":26884,"date":"2020-08-05T13:05:40","date_gmt":"2020-08-05T10:05:40","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=26884"},"modified":"2025-08-26T17:17:51","modified_gmt":"2025-08-26T14:17:51","slug":"square-sells-bitcoin-worth-875-million-in-the-second-quarter","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/square-sells-bitcoin-worth-875-million-in-the-second-quarter\/","title":{"rendered":"Square sells Bitcoin worth $875 million in the second quarter"},"content":{"rendered":"<p>In the second quarter of 2020, the payment company Square sold Bitcoin worth $875 million through the Cash App. This was nearly three times the previous quarter&#8217;s figure and seven times the level in the comparable period in 2019.<!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Due to early external access of the company\u2019s quarterly financials, we are posting our results for the second quarter of 2020 on the Financial Information section of our Investor Relations website at <a href=\"https:\/\/t.co\/YvEcuo67F8\">https:\/\/t.co\/YvEcuo67F8<\/a>.<\/p>\n<p>\u2014 Square IR (@SquareIR) <a href=\"https:\/\/twitter.com\/SquareIR\/status\/1290785173076766720?ref_src=twsrc%5Etfw\">August 4, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to the latest financial report, the startup spent $858 million on acquiring the cryptocurrency. Its gross profit in the second quarter amounted to $17 million.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-106581 aligncenter\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/800.jpg\" alt=\"Square \u043f\u0440\u043e\u0434\u0430\u043b\u0430 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u044b \u043d\u0430 $875 \u043c\u043b\u043d \u0432\u043e \u0432\u0442\u043e\u0440\u043e\u043c \u043a\u0432\u0430\u0440\u0442\u0430\u043b\u0435\" width=\"800\" height=\"487\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/800.jpg 800w, https:\/\/u1f987.com\/wp-content\/uploads\/800-300x183.jpg 300w, https:\/\/u1f987.com\/wp-content\/uploads\/800-768x468.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<blockquote>\n<p>\u201cGrowth in bitcoin revenue and gross profit was driven by an increase in BTC transactions and positive momentum in consumer demand,\u201d said Square representatives.<\/p>\n<\/blockquote>\n<p>Total payment volume for the quarter declined from $25.7 billion to $22.8 billion, while online transactions rose by more than 50% year over year. Additionally, the number of Cash Card transactions increased relative to June.<\/p>\n<p>The company expects that user activity is a result of government stimulus payments, and their impact may ease in the third quarter of 2020.<\/p>\n<p>As reported in the first quarter of 2020, bitcoin sales via the Cash App totaled $306.1 million.<\/p>\n<p>Follow ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forklogfeed\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog Feed<\/a> \u2014 the full news feed, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the second quarter of 2020, Square sold Bitcoin via the Cash App for $875 million. This was nearly three times the previous quarter\u2019s figure and seven times the level in the same period in 2019.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1533,1534],"class_list":["post-26884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-cash-app","tag-square"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/26884","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=26884"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/26884\/revisions"}],"predecessor-version":[{"id":26885,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/26884\/revisions\/26885"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=26884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=26884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=26884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}