Bitcoin sold to Cash App users rises to nearly $2.4B in Q2

Cash App’s $44 million of bitcoin gross profit during the three months down slightly from prior quarter, but up 7% year over year


Block co-founder Jack Dorsey | Frederic Legrand – COMEO/Shutterstock modified by Blockworks


Block’s Cash App saw the value of its bitcoin sales increase more than $200 million quarter over quarter. 

The total sale amount of bitcoin sold to customers of the mobile payment service during the second quarter of 2023 was $2.39 billion — a year-over-year jump of 34%.

Cash App generated $44 million of bitcoin gross profit during the three months — a figure that factors in costs the company incurred to purchase the asset and make it available for customers. Cash App’s total gross profit was $968 million during the second quarter.

The levels of bitcoin (BTC) sold to Cash App customers and bitcoin gross profit were up from $2.16 billion and down from $50 million, respectively, during Q1. 

Block, formerly known as Square, launched bitcoin trading on Cash App in 2018. It invested $50 million in bitcoin during the final quarter of 2020 and an additional $170 million in the crypto asset during the first three months of 2021.

Block did not recognize a bitcoin impairment loss during this year’s second quarter, the company said Thursday — a requirement if the fair value of BTC decreases below the carrying value during a specific period.

The fair value of the company’s bitcoin investment was $245 million, as of June 30 — $142 million greater than the carrying value of the investment after cumulative impairment charges, as Block noted in its latest shareholder letter

Crypto efforts in Q2

The second quarter was an eventful one for Block in terms of crypto-related offerings. 

Block’s self-custody bitcoin wallet, called Bitkey, entered its public beta stage in June and is slated for a “wider public launch later this year.”  

Via a partnership with Coinbase, the Bitkey wallet is set to allow users to buy bitcoin on the crypto exchange and transfer it to Bitkey through Coinbase Pay across six continents. Cash App in the US is also set to enable BitKey customers to transfer and buy BTC on its platform.

“That will be a global-first product,” Block CEO Jack Dorsey said during the company’s earnings call on Thursday. “We’ll be launching in the most countries we’ve ever launched in to start.”

Block also revealed in April that it would be creating its own custom silicon for mining hardware — adding that it made a deal with Intel for bitcoin mining ASICs. Block said at the time it plans to make its bitcoin mining technology open-source.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png


Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.



The hearings are expected to last for a couple of days as the court hears arguments for and against the bankruptcy plan proposed by Genesis


Equities were mixed toward the end of Monday’s session while cryptocurrencies continued their rally


Though the opposing flow trend is likely to slow over time, industry watchers note, bitcoin fund assets could one day eclipse the $90 billion gold ETF space


Celestia had the first mover advantage. EigenDA has staked ether. What sets Avail apart?


Bitcoin moved 1% higher Monday morning in New York, Matrixport analysts say $62,000 could happen next month


It’s hard to believe right now that crypto — even with all of its flexibility and massive capabilities — could ever be like cash on the internet