Square’s Bitcoin sales gross profit in Q3 totalled $42 million

In the third quarter of 2021, Square’s revenue from selling Bitcoin through the Cash App amounted to $1.82 billion, with a gross profit of $42 million. Compared with the prior year, the figures rose by 115% and 29%, respectively.

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However, compared with the second quarter, results declined. Then revenue reached $2.72 billion, and gross profit was $55 million.

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The company attributed this to \”the relatively stable price of Bitcoin, which affected trading activity relative to previous periods\”.

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Total Square services revenue in July–September was $3.84 billion, and payment processing volume reached $45.4 billion. The firm earned a profit of $1.13 billion, up 43% year on year.

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In October 2020, Square announced the purchase of its first cryptocurrency for $50 million, and in the first quarter of 2021 it additionally invested $170 million in digital gold.

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As of September 30, the market value of the company\’s Bitcoin holdings stood at $352 million, the company reported.

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According to Bitcoin Treasuries, Square owns 8,027 BTC. At the price at the time of writing, the assets are valued at approximately $493 million.

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In July, the company confirmed development of a hardware cryptocurrency wallet.

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Square CEO Jack Dorsey also announced the possibility of creating a hardware cryptocurrency mining device with open source. It is intended to make mining more decentralized and lower barriers to entry into the industry.