Bitcoin sales on CashApp increased 34 percent in the second quarter, according to a study.
Payments company Block, Inc. announced that Bitcoin sales on its Cash App platform rose 34 percent in the second quarter to $2.4 billion. Gross profit from Bitcoin sales during this period also increased by 7 percent year on year to $44 million. The company stated that customers are purchasing more digital assets despite falling prices.
Bitcoin sales on CashApp have increased, according to Block Inc.
According to Block Inc’s report, Bitcoin sales on CashApp increased by 34 percent compared to the previous year.
The increase in Bitcoin revenue was driven by the increase in the amount of Bitcoin sold to customers and was offset by the decrease in the average market price of Bitcoin compared to the previous year.
Also, Block highlighted Bitcoin investments in his report. The company stated that it increased its investments by purchasing Bitcoin for $50 million in the fourth quarter of 2020 and $170 million in the first quarter of 2021. The fair value of these investments was calculated as $245 million as of June 30, 2023, which is $142 million more than the book value of the investment.
The company’s quarterly revenue increased from $4.40 billion to $5.53 billion year-on-year, and gross profit increased from $1.47 billion to $1.87 billion.
Shares of Block (the company that owns CashApp) fell 5.5 percent to $69.53 in aftermarket trading, according to TradingView. But the stock is up 10.9 percent so far this year.
