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# Square generated $1.8 billion in Bitcoin revenues in Q3
- URL: https://btcpeers.com/square-generated-1-8-billion-in-bitcoin-revenues-in-q3-2/
- Published: 2021-11-07T15:58:40.000Z
- Updated: 2023-09-24T15:37:46.000Z
- Author: John Williams
- Tags: News, #saudu, #Import 2025-12-27 14:07

Mobile payment solutions provider Square Inc. has published its quarterly earnings report, which includes details of its Bitcoin profits.

The firm confirmed that it realized $1.8 billion in Bitcoin revenue during Q3 2021, an 11% increase on a year-to-date basis. This translates to a gross profit of $42 million, a 29% increase from last year’s figure.

Although the figures represent an annual increase, they also indicate a quarterly decline. Previous quarterly reports published by the firm revealed that it realized $2.7 billion in Bitcoin revenue in Q2 and $3.5 billion in Bitcoin revenue in Q1 of this year.

As the matter of fact, the Q3 revenue is closest to that of Q4 of 2020, when the company raked in $1.76 billion in revenue.

In Square’s opinion, the decline has been due to market conditions, *“driven primarily by relative stability in the price of Bitcoin which affected, trading activity compared to prior quarters.”*

Most investors seek to invest in Bitcoin when its value is relatively low, but that strategy does not work out so well in a stable market.

Nevertheless, it appears that Bitcoin is still the largest contributor to Square’s revenue. The company’s total revenue for Q3 was $3.84 billion, meaning that Bitcoin accounted for almost half (46%) of Square’s total revenue.

However, Bitcoin was not so influential in terms of profit. Square Inc. generated a total of $1.13 billion in gross profits, with Bitcoin contributing only 4% of that figure.

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