How money is made thanks to our yellow friend
Quick Take
- Square said Thursday that sold $1.63 billion in bitcoin through its Cash App during the third quarter of 2020
- The gross profit figure was $32 million for the period, per the firm’s Q3 data release
- Since launching bitcoin purchase capabilities at the start of 2018, Square has now sold more than $3.4 billion in total sales
Backing out the cost to acquire the bitcoin, Square made $32 million in gross profit on its bitcoin sales, up more than 15 times since last year and good for more than 4% of total company gross profit.
"Bitcoin revenue and gross profit benefited from an increase in bitcoin actives and volume per customer," the firm said in its report.
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https://www.theblockcrypto.com/post/83748/square-earnings-q3-cash-app-bitcoin