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Square Doubles Quarterly Bitcoin Revenue to 16 Billion In its Q3 2020 letter to shareholders Square reported strong earnings with Bitcoin revenue from its Cash App hitting 163 billion

Square Doubles Quarterly Bitcoin Revenue to 16 Billion In its Q3 2020 letter to shareholders Square reported strong earnings with Bitcoin revenue from its Cash App hitting 163 billion

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.

Markethive News

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