Square reports $3.51B in Bitcoin revenue via its Cash app for Q1 of 2021

posted about 1 month ago
Square’s revenue from its bitcoin business increased 11-fold compared with this time last year. “Cash App generated $3.51 billion of bitcoin revenue and $75 million of bitcoin gross profit during the first quarter of 2021, each up approximately 11x year over year,” according to a shareholder letter published Thursday.

That was double Square’s bitcoin revenue of $1.76 billion in the fourth quarter of 2020. Bitcoin revenue for the first quarter of 2020 was $306 million.
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