Square Doubles Quarterly Bitcoin Revenue to $1.6 Billion
In its Q3 2020 letter to shareholders, Square reported strong earnings, with Bitcoin revenue from its Cash App hitting $1.63 billion.
In brief
- Square has reported $1.63 billion in Bitcoin revenue from its Cash App for the third quarter.
- It made a gross profit of $32 million from that figure.
- Bitcoin is a key part of the platform but a small part of its profits.
People are increasingly buying Bitcoin from Square's Cash App.
In a letter to shareholders today, Square reported revenue from Bitcoin sales of $1.63 billion from its Cash App—for a gross profit of $32 million—during the third quarter of 2020.
That represents an 1,100% increase from Q3 2019 revenues. Revenue is also up from the second quarter of 2020, when Square raked in $875 billion from consumers buying Bitcoin on the Cash App.
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