Financial services firm Square is reporting $306 million in revenue from the sale of Bitcoin (BTC) on its Cash App for the first quarter of 2020.
That’s up from $178 million in Bitcoin revenue in the third quarter of last year.
In its earnings report for investors, Square says it experienced a surge in demand after the mid-March market crash.
Profits from the Cash App remain driven by earnings from subscriptions and services, which brought in a gross profit of $176 million, while gross profit from Bitcoin is $7 million.
Year-over-year, Square is reporting a 115% increase in profits.
Square is also reporting solid numbers for April despite the struggling economy.
“In April, Cash App delivered strong revenue and gross profit growth year over year, and achieved its highest monthly totals for net-new transacting active customers, peer-to-peer volumes, Cash Card spend, Cash Card orders, direct deposit transacting active customers, Bitcoin volumes, stock brokerage volumes, and stored funds.”
