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Square Reports Record-Breaking Revenue, Driven by Bitcoin Purchases

The electronic payments fintech Square Inc. proved with numbers that Bitcoin is good for business, and its financial results are the best evidence.
Square Inc.’s quarterly sales more than tripled, thanks mainly to the recent interest in cryptocurrencies by the general public.
Bitcoin Means Business
In a letter to its shareholders published this week, Square Inc. revealed that in the first quarter of 2021, it achieved a gross profit of $964 million, representing a 79% increase year over year. The company also reported that sales processing revenues totaled $468 million, up 32% year over year and that Cash App generated a gross profit of $495 million, which was 171% more year over year.
Square Financial Results. Image: Square
The company revealed that much of its revenue is due to the growing attractiveness – and price – of Bitcoin:
In the first quarter of 2021, total net revenue was $5.06 billion, up 266% year over year, and, excluding bitcoin revenue, total net revenue was $1.55

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