Square, the payments company led by Jack Dorsey, reported growth in revenue and gross profit from bitcoin sales in the third quarter of 2020. Compared with the prior period, the figures rose by 11x and 15x, according to the report.
From July through September, Square sold bitcoins amounting to $1.63 billion, with gross profit of $32 million. In the second quarter the figures were $875 million and $17 million respectively.
The company attributed the growth to higher cryptocurrency-related activity and to the volume of transactions per customer.
The report notes that for ten consecutive quarters Square has been selling bitcoin via its Cash App. Total sales have surpassed $4 billion.
Net income stood at $34.1 million after the costs of acquiring the asset. Total gross profit in the third quarter was $794 million.
In the first quarter of 2019, Square sold bitcoin via Cash App for $65.5 million. The following quarter was almost double at $125 million. For all of last year, the payments company sold assets for $516 million.
In October 2020, Square invested in bitcoin, $50 million, or about 1% of total assets at the end of Q2.
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