Square Doubles Quarterly Bitcoin Revenue to $1.6 Billion

In its Q3 2020 letter to shareholders, Square reported strong earnings, with Bitcoin revenue from its Cash App hitting $1.63 billion.

In brief

• Square has reported $1.63 billion in Bitcoin revenue from its Cash App for the third quarter.
• It made a gross profit of $32 million from that figure.
• Bitcoin is a key part of the platform but a small part of its profits.

People are increasingly buying Bitcoin from Square's Cash App.

In a letter to shareholders today, Square reported revenue from Bitcoin sales of $1.63 billion from its Cash App—for a gross profit of $32 million—during the third quarter of 2020.

That represents an 1,100% increase from Q3 2019 revenues. Revenue is also up from the second quarter of 2020, when Square raked in $875 billion from consumers buying Bitcoin on the Cash App.