Update: The headline of this article previously stated that Square generated $166 million in revenues from its Bitcoin sales in Q2 of 2019. This number was inaccurate and we have corrected the headline accordingly.

The second quarter of 2019 has been record-breaking in terms of Bitcoin revenues for Square, the payments company that runs the popular Cash mobile app. In its Q2 shareholder letter, Square credits the increase in the price of BTC for the revenue boost:

“During the quarter, bitcoin revenue benefited from increased volume as a result of the increase in the price of bitcoin, and generated $2 million of gross profit.”

The Cash app brought in $166 million in revenues through the entirety of 2018, and $65.5 million in the first quarter of 2019. Q1 was rather uneventful for the BTC market, as the cryptocurrency ranged between $3,500 and $4,000.

Despite the unexciting price action, Q1 2019 was Square’s best quarter ever at the time in terms of Bitcoin revenues, and they almost doubled that $65.5 million figure in Q2 thanks to Bitcoin’s resurgence, which saw the world’s largest cryptocurrency break the $10,000 psychological milestone in the first half of June.

The Cash app acts as a fiat-crypto gateway for Bitcoin, and users can also withdraw the BTC purchased on the Cash app to external cryptocurrency wallets. However, it’s not yet possible to deposit BTC from an external wallet into the Cash App, likely due to compliance concerns.

Square says it's trying to boost the Bitcoin ecosystem

In 2019, Square also launched a small team within the company that’s dedicated to cryptocurrency and more specifically Bitcoin. Dubbed “Square Crypto”, the company says the team is not focused on improving the Bitcoin services offered by Square, but is instead tasked with making open-source contributions to bolster the Bitcoin ecosystem as a whole.

Square CEO Jack Dorsey, who is perhaps more famous for his role as the co-founder and CEO of Twitter, has also become much more vocal about his interest in Bitcoin, making various media appearances discussing BTC and participating in the Lightning Torch experiment.