{"id":52401,"date":"2021-11-05T15:58:34","date_gmt":"2021-11-05T13:58:34","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=52401"},"modified":"2025-09-03T10:02:24","modified_gmt":"2025-09-03T07:02:24","slug":"squares-bitcoin-sales-gross-profit-in-q3-totalled-42-million","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/squares-bitcoin-sales-gross-profit-in-q3-totalled-42-million\/","title":{"rendered":"Square&#8217;s Bitcoin sales gross profit in Q3 totalled $42 million"},"content":{"rendered":"<p>In the third quarter of 2021, Square&#8217;s revenue from selling Bitcoin through the Cash App amounted to $1.82 billion, with a gross profit of $42 million. Compared with the prior year, the figures rose by 115% and 29%, respectively.<\/p>\n<figure class=\\\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\\\">\n<div class=\\\"wp-block-embed__wrapper\\\">\\n<\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-width=\\\"500\\\" data-dnt=\\\"true\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">Our Q3 2021 earnings are now available. <a href=\\\"https:\/\/twitter.com\/search?q=%24SQ&#038;src=ctag&#038;ref_src=twsrc%5Etfw\\\">$SQ<\/a> <a href=\\\"https:\/\/t.co\/57ZXkssqBY\\\">https:\/\/t.co\/57ZXkssqBY<\/a><\/p>\n<p>\u2014 Block Investor Relations (@BlockIR) <a href=\\\"https:\/\/twitter.com\/BlockIR\/status\/1456355569753853964?ref_src=twsrc%5Etfw\\\">November 4, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script>\\n<\/div>\n<\/figure>\n<p>\\n\\n<\/p>\n<p>However, compared with the second quarter, results declined. Then <a href=\"https:\/\/u1f987.com\/en\/news\/square-tripled-its-profit-from-bitcoin-sales\">revenue reached $2.72 billion, and gross profit was $55 million<\/a>.<\/p>\n<p>\\n\\n<\/p>\n<p>The company attributed this to \\&#8221;the relatively stable price of Bitcoin, which affected trading activity relative to previous periods\\&#8221;.<\/p>\n<p>\\n\\n<\/p>\n<p>Total Square services revenue in July\u2013September 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.<\/p>\n<p>\\n\\n<\/p>\n<p>In October 2020, Square announced the purchase of its first cryptocurrency <a href=\"https:\/\/u1f987.com\/en\/news\/square-invested-50-million-in-bitcoin\">for $50 million<\/a>, and in the first quarter of 2021 it additionally <a href=\"https:\/\/u1f987.com\/en\/news\/square-invests-a-further-170-million-in-bitcoin\">invested $170 million in digital gold<\/a>.<\/p>\n<p>\\n\\n<\/p>\n<p>As of September 30, the market value of the company\\&#8217;s Bitcoin holdings stood at $352 million, the company reported.<\/p>\n<p>\\n\\n<\/p>\n<p>According to <a href=\\\"https:\/\/bitcointreasuries.net\/\\\">Bitcoin Treasuries<\/a>, Square owns 8,027 BTC. At the price at the time of writing, the assets are valued at approximately $493 million.<\/p>\n<p>\\n\\n<\/p>\n<p>In July, the company confirmed <a href=\"https:\/\/u1f987.com\/en\/news\/square-confirms-plans-to-develop-a-hardware-bitcoin-wallet\">development of a hardware cryptocurrency wallet<\/a>.<\/p>\n<p>\\n\\n<\/p>\n<p>Square CEO Jack Dorsey also <a href=\"https:\/\/u1f987.com\/en\/news\/jack-dorsey-square-weighs-developing-an-open-source-bitcoin-miner\">announced the possibility of creating a hardware cryptocurrency mining device<\/a> with open source. It is intended to make mining more decentralized and lower barriers to entry into the industry.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the third quarter of 2021, Square&#8217;s revenue from selling Bitcoin through the Cash App amounted to $1.82 billion, with a gross profit of $42 million. Compared with the previous year, the figures rose by 115% and 29%, respectively.<\/p>\n","protected":false},"author":1,"featured_media":52402,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1534,2009],"class_list":["post-52401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-square","tag-square-crypto"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/52401","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=52401"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/52401\/revisions"}],"predecessor-version":[{"id":52403,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/52401\/revisions\/52403"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/52402"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=52401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=52401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=52401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}