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.
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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.