Square’s Cash App Generates $1.8 Billion in Bitcoin Revenue, BTC Profit up 29% in Q3 – Finance Bitcoin News

Square’s Cash App Generates $1.8 Billion of Bitcoin Revenue, BTC Profit up 29% in Q3

Square Inc. has reported bitcoin income of $1.82 billion in the third quarter, an 11% improve from the identical interval final yr. Its bitcoin gross revenue was $42 million throughout the time interval, a 29% improve year-over-year.

Square’s Bitcoin Profit up 29% in Q3

In the corporate’s Q3 2021 Shareholder Letter, revealed Thursday, Square Inc. reported whole internet income of $3.84 billion in the third quarter, up 27% year-over-year.

The firm’s bitcoin income is generated from its cell fee service, Cash App. The platform generated $2.39 billion in income and $512 million in gross revenue in Q3, a 16% and 33% improve year-over-year, respectively. Square wrote:

Cash App generated $1.82 billion of bitcoin income and $42 million of bitcoin gross revenue throughout the third quarter of 2021, up 11% and 29% yr over yr, respectively.

Bitcoin gross revenue accounted for about 2% of Square’s whole bitcoin income in Q3. The firm defined that bitcoin income is the entire sale quantity of bitcoin to clients, including that bitcoin prices are the entire quantity of bitcoin that it purchases. “We buy bitcoin to facilitate clients’ entry to bitcoin,” the corporate mentioned.

Compared to the second quarter, nonetheless, Square’s bitcoin income and gross revenue decreased on a quarter-over-quarter foundation, the corporate detailed, including that it was “pushed primarily by relative stability in the value of bitcoin, which affected buying and selling exercise in comparison with prior quarters.”

Furthermore, the corporate warned that in future quarters, “bitcoin income and gross revenue could fluctuate because of modifications in buyer demand or the market value of bitcoin, notably as we lap sturdy development charges on a year-over-year foundation in the fourth quarter of 2020.”

Square additional famous that it invested $50 million in bitcoin in the fourth quarter of final yr and $170 million extra in the primary quarter of this yr. In the third quarter, the corporate acknowledged an impairment lack of $6 million on its bitcoin funding. Square wrote:

As of September 30, 2021, the honest worth of our funding in bitcoin was $352 million based mostly on observable market costs, which is $203 million larger than the carrying worth of the funding.

What do you concentrate on Cash App’s bitcoin income? Let us know in the feedback part under.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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