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Bijna 80% van Square's Cash App Q3-omzet was afkomstig van Bitcoin

Cash App, the Bitcoin-friendly mobile payments app from U.S. financial services firm Square, heeft gerapporteerd Bitcoin (BTC) has overtaken all other revenue sources, making up almost 80% of its entire revenue in the third quarter.

In Square’s third-quarter report, Cash App’s Bitcoin-derived revenue of $1.63 billion in Bitcoin marked a massive increase of more than 1,100% when compared to the same period in 2019.

Bitcoin revenue was by far the largest component of Cash App’s overall revenue generation of $2 miljard, with all other revenue streams totaling $453 miljoen, of 22% of the total.

Cash App functions as a broker for Bitcoin purchases, buying it on behalf of the user, and adding a small fee.

The report notes that some of the increased Bitcoin sales were due to the app’s Auto-Invest tool, launched in May this year, which allows users to recurring daily or weekly purchases of stock or BTC.

Bitcoin revenue produced $32 million in gross profit for the third quarter, an increase of 15 times from the previous year’s profit of $2.1 million in the same period.

Square’s total Q3 revenue was more than $3 miljard, omhoog 140% van 2019 — of which Bitcoin comprised more than 50%. The total Bitcoin revenue for all of 2019 was $338 million with a gross profit of $5 miljoen.

Hours after the report was released, Square’s share price rose 6% during after-hours trading to sit at $184, eyeing off the previous all-time high of $190 eerder deze maand. Tegelijkertijd, Bitcoin rose by a similar amount to hit a two-year high of $15,880.

In the report Square also noted its $50 million Bitcoin (4,709 BTC) investment as a treasury asset, which is now worth $74.8 miljoen. The company’s purchase was based on the belief that “cryptocurrencies are an instrument of economic empowerment and align with the company’s purpose,” adding:

“We expect to hold this investment for the long term.”

Despite Square’s large investment, the company ranks seventh in terms of publicly trading company’s Bitcoin holdings.

Artikel door Cointelegraph

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