Square reports $3.51 billion in bitcoin revenue via its Cash app for first quarter of 2021
Square hauled in $3.51 billion in bitcoin revenue during 2021’s first quarter, according to Thursday’s earnings release.
That resulted in $75 million in gross profits during the same period. On a broader scale, Square said it made $964 million in gross profits for the period, meaning that the gross profits from its bitcoin offering contributed 7.7% to the total. The Q1 total exceeds Q4 2020’s total of $1.76 billion in bitcoin revenue.
“Bitcoin revenue and gross profit benefited from a year-over-year increase in the price of bitcoin, bitcoin actives, and growth in customer demand. In future quarters, we recognize that bitcoin revenue may fluctuate as a result of changes in customer demand or the market price of bitcoin,” the firm said in materials published.
This story is developing and will be updated with additional information.
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Author: Michael McSweeney
