Square hauled in $3.51 billion in bitcoin revenue during 2021’s first quarter, according to Thursday’s earnings release.
That resulted in $75 million in gross profits during the same period. On a broader scale, Square said it made $964 million in gross profits for the period, meaning that the gross profits from its bitcoin offering contributed 7.7% to the total. The Q1 total exceeds Q4 2020’s total of $1.76 billion in bitcoin revenue.
“Bitcoin revenue and gross profit benefited from a year-over-year increase in the price of bitcoin, bitcoin actives, and growth in customer demand. In future quarters, we recognize that bitcoin revenue may fluctuate as a result of changes in customer demand or the market price of bitcoin,” the firm said in materials published.
As the firm noted:
“Cash App delivered strong growth in the first quarter of 2021, generating $4.04 billion of revenue and $495 million of gross profit, which increased 666% and 171% year over year, respectively. Excluding
