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Sq.’s Money App Generates $1.8 Billion in Bitcoin Income, BTC Revenue up 29% in Q3

11/07/2021
Square’s Cash App Generates $1.8 Billion of Bitcoin Revenue, BTC Profit up 29% in Q3

Sq. Inc. has reported bitcoin income of $1.82 billion within the third quarter, an 11% improve from the identical interval final 12 months. Its bitcoin gross revenue was $42 million through the time interval, a 29% improve year-over-year.

Sq.’s Bitcoin Revenue up 29% in Q3

Within the firm’s Q3 2021 Shareholder Letter, revealed Thursday, Sq. Inc. reported complete internet income of $3.84 billion within the third quarter, up 27% year-over-year.

The corporate’s bitcoin income is generated from its cellular fee service, Money App. The platform generated $2.39 billion in income and $512 million in gross revenue in Q3, a 16% and 33% improve year-over-year, respectively. Sq. wrote:

Money App generated $1.82 billion of bitcoin income and $42 million of bitcoin gross revenue through the third quarter of 2021, up 11% and 29% 12 months over 12 months, respectively.

Bitcoin gross revenue accounted for about 2% of Sq.’s complete bitcoin income in Q3. The corporate defined that bitcoin income is the entire sale quantity of bitcoin to clients, including that bitcoin prices are the entire quantity of bitcoin that it purchases. “We buy bitcoin to facilitate clients’ entry to bitcoin,” the corporate stated.

In comparison with the second quarter, nonetheless, Sq.’s bitcoin income and gross revenue decreased on a quarter-over-quarter foundation, the corporate detailed, including that it was “pushed primarily by relative stability within the worth of bitcoin, which affected buying and selling exercise in comparison with prior quarters.”

Moreover, the corporate warned that in future quarters, “bitcoin income and gross revenue might fluctuate because of modifications in buyer demand or the market worth of bitcoin, notably as we lap robust development charges on a year-over-year foundation within the fourth quarter of 2020.”

Sq. additional famous that it invested $50 million in bitcoin within the fourth quarter of final 12 months and $170 million extra within the first quarter of this 12 months. Within the third quarter, the corporate acknowledged an impairment lack of $6 million on its bitcoin funding. Sq. wrote:

As of September 30, 2021, the honest worth of our funding in bitcoin was $352 million primarily based on observable market costs, which is $203 million larger than the carrying worth of the funding.

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