Square Cash App Bitcoin Revenues Swell 785% in 2020

By Nasdaq13 days ago

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Square raked in $4.57 billion in bitcoin revenue in 2020 with $97 million of that going to the company in gross profit, according to the company’s earnings report filed with the SEC.

Year-over-year that’s a 785% increase in bitcoin revenue.

The San Francisco payments giant reported on Tuesday that the revenue it made from selling bitcoin on Cash App contributed to “48% of total consolidated revenue in 2020, and 85% of the total increase in consolidated net revenues in 2020.”

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In the fourth quarter of last year, the company reported $1.76 billion in bitcoin revenue and $41 million in gross profit. Bitcoin costs in the same period were $1.71 billion.

“The increase was due to the market price of bitcoin, growth in the number of active bitcoin customers, as well as volume per customer,” the company wrote in its earnings release. “The amount of bitcoin revenue recognized will fluctuate depending on customer demand as well as changes in the market price of bitcoin.”

Additionally, Square announced Tuesday it had added 3,318 BTC to its bitcoin treasury.

This is a developing story and will be updated.

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