Square payment company Jack Dorsey reported an increase in revenue and gross profit from bitcoin sales in the third quarter of 2020. Compared to the previous period, the figures have increased 11 and 15 times, the report says.
From July to September Square sold $1.63 billion worth of bitcoins and gross profit amounted to $32 million. The second quarter figures were $875 million and $17 million, respectively.
The company attributed this growth to increased cryptographic activity and the volume of transactions per customer.
The report states that Square has been selling bitcoins the news spy through its own Cash App for ten quarters. Total sales exceeded $4 billion.
Net profit amounted to $34.1 million including funds spent to acquire the asset. Total gross profit for the third quarter was $794 million.
In the first quarter of 2019, Square sold $65.5 million worth of bitcoins through Cash App. The result for the next three months was almost twice as high, at $125 million.
It should be reminded that in October 2020 Square invested $50 million or approximately 1% of total assets in bitcoins at the end of the second quarter.
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