Cash App Bitcoin Sales Jump 34% in Q2 to $2.4 Billion

Odaily Planet Daily News Payment company Block, Inc. said that bitcoin sales on its Cash App platform increased by 34% in the second quarter compared with the same period last year, reaching $2.4 billion. Gross profit from Bitcoin sales reached $44 million, up 7% year-over-year. Despite the drop in price, customer purchases of the digital asset have increased, the firm said. “The year-over-year increase in bitcoin revenue and gross profit was due to an increase in the volume of bitcoin sold to customers, partially offset by a decrease in the average market price of bitcoin compared to the same period last year,” the company said.