Wednesday, February 24, 2021
Only Bitcoin Market News
Advertisement
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • investors
  • Technical
  • Crash
  • spam
  • stock
  • Blockchain
  • Videos
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • investors
  • Technical
  • Crash
  • spam
  • stock
  • Blockchain
  • Videos
Only Bitcoin Market News
No Result
View All Result

Bitcoin Trading Generated $875M in Quarterly Revenue for Square

7 months ago
in Price
2 min read
Bitcoin Trading Generated $875M in Quarterly Revenue for Square
Share on FacebookShare on Twitter


Jack Dorsey’s financial services company Square, Inc. has published its second-quarter financials for 2020, revealing $875 million in revenue from Bitcoin (BTC) trading on its Cash App product.

With Cash App’s Bitcoin business incurring $858 million in quarterly expenses, Square’s BTC services generated $17 million in gross profit, with extreme market volatility and hype for Bitcoin’s block reward halving driving customer demand.

Cash App now has 30 million active monthly users. 

Cash App’s Bitcoin profits up 75% since Q1

The quarterly performance comprised a 600% increase in revenue and a 710% gain in gross profit year-over-year, and a 150% increase in gross profit compared to the first quarter of 2020.

Bitcoin-related business represented roughly 2.85% of Square’s total gross profit of $597 million for the quarter. 

However, the report notes that “government stimulus programs” likely contributed to the uplift in Bitcoin investment activity.

Square hastily publishes quarterly report

The Twitter account of Square’s Investor Relations wing published the data in response to “early external access of the company’s quarterly financials.” The company will host a conference call on Aug. 5 at 8 a.m. EST to discuss the results.

Square’s quarterly total net revenue was $1.92 billion — 75% above recent forecasts, and a 64% gain year-over-year.

The report has bolstered a strong recent performance for the company’s share price, which has gained more than 9% over the past five days. 

Square, Inc. (SQ) five-day chart:

Square, Inc. (SQ) five-day chart: Source – Google





Read more:Bitcoin Trading Generated $875M in Quarterly Revenue for Square

Related articles

Bitcoin bounces back, surging above $50,000 after more buying from Square

Bitcoin bounces back, surging above $50,000 after more buying from Square

February 24, 2021
Bitcoin’s sell-off is ‘part of its DNA’ and could still surge to $100,000,

Bitcoin’s sell-off is ‘part of its DNA’ and could still surge to $100,000,

February 24, 2021
Tags: 875MBitcoinbitcoin news todayGeneratedQuarterlyRevenueSquareTrading

Related Posts

Bitcoin bounces back, surging above $50,000 after more buying from Square

Bitcoin bounces back, surging above $50,000 after more buying from Square

by Bitcoin Market
February 24, 2021
0

Bitcoin virtual crypto currency price is displayed on a phone screen in this photo.STR | NurPhoto | Getty ImagesBitcoin's...

Bitcoin’s sell-off is ‘part of its DNA’ and could still surge to $100,000,

Bitcoin’s sell-off is ‘part of its DNA’ and could still surge to $100,000,

by Bitcoin Market
February 24, 2021
0

Cindy Ord/Getty Images The more than 20% sell-off in bitcoin this week shouldn't be a surprise to investors familiar...

Fed’s Powell Offers Bitcoin Bulls Glimmer of Hope as Price Drops to $45K

Fed’s Powell Offers Bitcoin Bulls Glimmer of Hope as Price Drops to $45K

by Bitcoin Market
February 23, 2021
0

TipRanksBillionaire Ray Dalio Places Bet on 3 “Strong Buy” StocksWhen billionaire financier Ray Dalio makes a move, Wall Street...

Market Wrap: Bitcoin Stabilizes After Margin Calls Fuel Biggest Plunge in Month –

Market Wrap: Bitcoin Stabilizes After Margin Calls Fuel Biggest Plunge in Month –

by Bitcoin Market
February 22, 2021
0

Bitcoin prices plunged as much as 19% in a violent sell-off Monday, the biggest of the year in dollar...

Bitcoin Price Analysis: BTC gets rejected near $39,000, correction to $32,000 likely

Bitcoin Price Analysis: BTC/USD pulls back to short-term support after refreshing

by Bitcoin Market
February 22, 2021
0

BTC/USD refreshed all-time high above $58,000 during the week, bounces off intraday low. MACD turns bearish as sellers attack...

Load More

Trend Now

  • Trending
  • Comments
  • Latest
Crypto-Powered Social Media Platform Voice Planning Launch for July 4 | CryptoGlobe

Crypto-Powered Social Media Platform Voice Planning Launch for July 4 | CryptoGlobe

June 8, 2020
J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

May 19, 2020
Argo Blockchain boosts mining margins in July

Argo Blockchain boosts mining margins in July

August 5, 2020
Institutional investors see Bitcoin holding US$50,000 suggests ETP provider

Institutional investors see Bitcoin holding US$50,000 suggests ETP provider

February 18, 2021
Bitcoin boom backstopped by central banks’ easy-money policies

Bitcoin boom backstopped by central banks’ easy-money policies

February 4, 2021
5 Cryptocurrency Staking Providers – A Review | Hacker Noon

5 Cryptocurrency Staking Providers – A Review | Hacker Noon

January 30, 2021
Argo Blockchain begins trading on OTCQX market

Argo Blockchain begins trading on OTCQX market

0
Bitcoin daily chart alert – Bullish chart pattern develops – May 19

Bitcoin daily chart alert – Bullish chart pattern develops – May 19

0
Calvin Ayre Invests in True Reviews: A New Take on Consumer Review Sites Built on the

Calvin Ayre Invests in True Reviews: A New Take on Consumer Review Sites Built on the

0
J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

0
Crypto.com’s MCO Visa Cards Are Now Shipping In Europe – Fintech Singapore

Crypto.com’s MCO Visa Cards Are Now Shipping In Europe – Fintech Singapore

0
Elon Musk tried to explain Bitcoin to JK Rowling on Twitter and this happened

Elon Musk tried to explain Bitcoin to JK Rowling on Twitter and this happened

0
Argo Blockchain begins trading on OTCQX market

Argo Blockchain begins trading on OTCQX market

February 24, 2021
Ark’s Cathie Wood says she’s still ‘very positive’ on bitcoin – helping the price

Ark’s Cathie Wood says she’s still ‘very positive’ on bitcoin – helping the price

February 24, 2021
Bitcoin Group SE with strong start into 2021- Integration of Bitcoin Deutschland AG

Net Asset Value(s)

February 24, 2021
Shaktikanta Das | cryptocurrency: RBI governor Shaktikanta Das voices ‘major

Shaktikanta Das | cryptocurrency: RBI governor Shaktikanta Das voices ‘major

February 24, 2021
Tether settles with the NYAG and Square buys the dip, sparking rapid recovery for

Tether settles with the NYAG and Square buys the dip, sparking rapid recovery for

February 24, 2021
Bitcoin bounces back, surging above $50,000 after more buying from Square

Bitcoin bounces back, surging above $50,000 after more buying from Square

February 24, 2021
  • Contact Us
  • Terms of Use
  • Cookie Privacy Policy
  • Privacy Policy
  • DMCA

© 2020 MarketForBitcoin.com

No Result
View All Result
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • investors
  • Technical
  • Crash
  • spam
  • stock
  • Blockchain
  • Videos

© 2020 MarketForBitcoin.com

  • bitcoinBitcoin(BTC)$49,726.003.98%
  • bitcoin-cashBitcoin Cash(BCH)$532.693.84%
  • binance-coinBinance Coin(BNB)$257.3112.08%
  • bitcoin-goldBitcoin Gold(BTG)$28.246.95%
  • bitcoin-privateBitcoin Private(BTCP)$0.8095.73%
  • blocktixBlocktix(TIX)$0.0200.00%