Square's Annual BTC Revenue Increases 11x
Main page News, Cryptocurrency
Hot topic
7 May
120 120

According to Square's financial results for the first quarter of 2021, the company's annual revenue from Bitcoin has increased 11-fold.

In particular, according to data provided by the company, Square's Cash App brought in $3.51 billion in Bitcoin-related revenue during the first quarter of 2021, which translates into gross profits of $75 million.

Considering the company's total gross profit is up to $964 million, the Bitcoin profits account for 7.7% of the total.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

In addition, it must be noted BTC revenue recorded during the fourth quarter of 2020 amounted to $1.76 billion, so the $3.51 billion in the first quarter of the year represents a considerable increase.

Regarding the company's investment in the leading cryptocurrency, Square has reported it has lost $20 million as a result of its price volatility.

Read also:
Please describe the error
Close