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  • Bitcoin sales take up half of Squares’ total revenue in Q2 of 2019.
  • Square posts a $7 million loss in Q2 up from $38 million in the Q1.

In the recent financial report, Square a mobile payment platform posted $125 million in revenue for the concluded second quarter of 2019 in its Bitcoin sales. The firm reported that its revenue doubled from the figure of $65.5 million in Q1 2019. Moreover, the $125 million in Bitcoin sales was a record high for the company.

Square links the rally from April as the driving force behind the formidable revenue growth. In addition to that, the firm achieved a $2 million gross profit in terms of volume.

“Our Cash App ecosystem has reached significant scale, generating $260 million in total net revenue in the second quarter of 2019. Excluding Bitcoin, Cash App revenue was $135 million, the report details.

This shows that Bitcoin brought it half of Square’s revenue. According to unaudited figures, the company spent $122.9 million to buy Bitcoin. However, in terms of total revenue and profit margins, Square posted a $7 million loss in Q2. This is a great improvement from the $38 million loss posted in Q1 of 2019.