The Square Cash app generates Bitcoin revenue of $ 1.8 billion, the BTC profit rose by 29 % in the third quarter

in the third quarter

Square Inc. reported a Bitcoin turnover of $ 1.82 billion in the third quarter, an increase of $ 11% compared to the same period of the previous year. The Bitcoin gross profit was $ 42 million in the reporting period, which corresponds to an increase of 29 % compared to the previous year.

The Bitcoin win of Square rose by 29 %in the third quarter

In the shareholder letter published on Thursday for the third quarter of 2021 of the company of the company, Square Inc. reported a total net sales of 3.84 billion US dollars in the third quarter, an increase of 27 % compared to the previous year.

The company's Bitcoin income is generated from its mobile payment service cash app. In the third quarter, the platform generated sales of $ 2.39 billion and a gross profit of $ 512 million, an increase of 16 % and 33 % compared to the previous year. Quadrat wrote:

Cash app generated a Bitcoin turnover of $ 1.82 billion and a Bitcoin gross profit of $ 42 million in the third quarter of 2021, an increase of llar or 29 % compared to the previous year.

The gross profit of Bitcoin made about 2% of the total Bitcoin turnover from Square in the third quarter. The company explained that Bitcoin revenue is Bitcoin's total sales volume and added that the Bitcoin costs are the total amount of Bitcoin that buys. "We buy Bitcoin to make access to Bitcoin easier for customers," said the company.

Compared to the second quarter, however, the Bitcoin turnover and gross profit of Square decreased in the quarterly comparison, the company said and added that this was "mainly driven by the relative stability of the Bitcoin price, which the trade activity compared to previous quartals."

In addition, the company warned that in future quarters “Bitcoin turnover and gross profit can fluctuate due to changes in the customer's customer issue or the market price of Bitcoin, especially since we have strong growth rates in the fourth quarter 2020.”

Square continued to find that it had invested $ 50 million in Bitcoin in the fourth quarter of last year and $ 170 million more in the first quarter of this year. In the third quarter, the company posted a loss of $ 6 million to its Bitcoin investment. Quadrat wrote:

As of September 30, 2021, the Fair Value was $ 352 million based on observable market prices, which is $ 203 million above the book value of the investment.

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