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Square’s Cash App Generates $1.8 Billion in Bitcoin Revenue, BTC Profit up 29% in Q3 – Finance Bitcoin News

by Crypto News
November 6, 2021
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Square’s Cash App Generates $1.8 Billion in Bitcoin Revenue, BTC Profit up 29% in Q3 – Finance Bitcoin News
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Square’s Cash App Generates $1.8 Billion of Bitcoin Revenue, BTC Profit up 29% in Q3

Sq. Inc. has reported bitcoin income of $1.82 billion within the third quarter, an 11% improve from the identical interval final 12 months. Its bitcoin gross revenue was $42 million in the course of the time interval, a 29% improve year-over-year.

Sq.’s Bitcoin Revenue up 29% in Q3

Within the firm’s Q3 2021 Shareholder Letter, printed Thursday, Sq. Inc. reported whole internet income of $3.84 billion within the third quarter, up 27% year-over-year.

The corporate’s bitcoin income is generated from its cell fee service, Money App. The platform generated $2.39 billion in income and $512 million in gross revenue in Q3, a 16% and 33% improve year-over-year, respectively. Sq. wrote:

Money App generated $1.82 billion of bitcoin income and $42 million of bitcoin gross revenue in the course of the third quarter of 2021, up 11% and 29% 12 months over 12 months, respectively.

Bitcoin gross revenue accounted for roughly 2% of Sq.’s whole bitcoin income in Q3. The corporate defined that bitcoin income is the full sale quantity of bitcoin to clients, including that bitcoin prices are the full quantity of bitcoin that it purchases. “We buy bitcoin to facilitate clients’ entry to bitcoin,” the corporate mentioned.

In comparison with the second quarter, nevertheless, Sq.’s bitcoin income and gross revenue decreased on a quarter-over-quarter foundation, the corporate detailed, including that it was “pushed primarily by relative stability within the worth of bitcoin, which affected buying and selling exercise in comparison with prior quarters.”

Moreover, the corporate warned that in future quarters, “bitcoin income and gross revenue might fluctuate because of modifications in buyer demand or the market worth of bitcoin, notably as we lap robust progress charges on a year-over-year foundation within the fourth quarter of 2020.”

Sq. additional famous that it invested $50 million in bitcoin within the fourth quarter of final 12 months and $170 million extra within the first quarter of this 12 months. Within the third quarter, the corporate acknowledged an impairment lack of $6 million on its bitcoin funding. Sq. wrote:

As of September 30, 2021, the truthful worth of our funding in bitcoin was $352 million based mostly on observable market costs, which is $203 million higher than the carrying worth of the funding.

What do you consider Money App’s bitcoin income? Tell us within the feedback part under.

Picture Credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This text is for informational functions solely. It’s not a direct provide or solicitation of a suggestion to purchase or promote, or a suggestion or endorsement of any merchandise, providers, or corporations. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, instantly or not directly, for any harm or loss brought on or alleged to be brought on by or in reference to using or reliance on any content material, items or providers talked about on this article.





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