Square Cash App Bitcoin Revenues Swell 785% in 2020

Square Cash App Bitcoin Revenues Swell 785% in 2020
Cryptocurrency News
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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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The company reported $1.76 billion in bitcoin revenue and $41 million in gross profit in the fourth quarter of last year. For the same period, Bitcoin costs were $1.71 billion. 

In its earnings release, the company wrote, “The increase was due to price increases of bitcoin, an increase in bitcoin customer volume, as well as volume per customer.” The amount of bitcoin revenue earned will depend on the exchange rate and the mood of the bitcoin market”.

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

A developing story, this will be updated.