Mobile payment firm Square said it has made $37 million in revenue in the second quarter from its offering of bitcoin sales. The company released an unaudited quarterly financial report on Wednesday and stated it made an overall net revenue of $814 million, 6 percent of which came from the cryptocurrency purchase service enabled on its Cash App late last year.
However, with the cost of facilitating bitcoin purchases mounting to over $36.5 million in the same period, the report indicted Square again booked a small margin of $420,000 for its bitcoin service. That said, the firm’s bitcoin sales profits nearly doubled compared to that in the first quarter, which was around $223,000 as previously reported by CoinDesk.
Meanwhile, Square disclosed that the carrying value of bitcoin held by itself was $0.4 million as of June 30. During a conference call on Wednesday, Square’s chief financial officer Sarah Friar said the goal of the bitcoin purchase service on the Cash App is not “trying to push on the monetization of bitcoin today.”
Square added the service in November in a testing phase and opened it up to consumers in January, through which users in almost all states in the U.S. can buy and send bitcoins. In June, Square received a BitLicense from regulators in the state of New York, inching a step closer to offering the service to potentially all states in the country.
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