Square's revenue and gross margin related to BTC sales increased 10-fold during Q3.
Square sold $1.63B in Bitcoins between July and September, the company said in a report, making a gross profit of $32M. As a comparison, during Q2, the figures rose to 875 million and 17 million, respectively.
Square attributes this rise to increased investor activity as well as transaction volumes per client.
According to the report, Square has been selling Bitcoins through its Cash App for 10 months. Total sales exceeded $4B.
Net profits are up to $34.1M, taking into account the funds spent on the purchase of Bitcoins. Gross profit for Q3 was $794M.
Square announced in October it had invested $50M or 1% of its assets in Bitcoin, describing the crypto as "a tool for full participation in the economic life of society and the global monetary system, which is consistent with the company's mission."
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