Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
$106,009.00
4.51%$2,466.22
9.69%$2.20
10.24%$643.73
3.27%$145.24
8.30%$0.9999
0.00%$0.273909
1.93%$0.165366
8.56%$2,464.81
9.73%$0.589518
9.17%$106,009.00
4.62%$38.60
9.83%$2,974.94
9.77%$2.80
13.85%$13.65
17.07%$451.96
1.62%$9.13
0.74%$0.2489
9.02%$18.29
10.29%$0.999828
0.00%$2.92
5.06%$0.00001173
8.05%$48.06
0.74%$2,462.39
9.62%$0.15364
13.03%$84.83
4.99%$2,638.55
9.75%$1.002
0.21%$315.27
6.37%$0.9996
-0.04%$3.50
10.82%$4.29
6.69%$105,831.00
4.33%$7.12
14.73%$0.00001012
13.16%$0.54725
8.84%$268.26
17.37%$5.08
29.28%$1.18
0.06%$355.10
16.33%$50.12
-1.11%$1.00
0.00%$2.22
16.31%$1.056
0.01%$4.98
9.49%$0.08506
6.53%$175.71
8.28%$16.52
7.41%$0.787867
18.49%$28.82
5.60%$0.999434
0.02%$0.613449
5.01%$0.075759
14.22%$16.39
0.94%$4.43
-0.28%$4.12
8.01%$9.34
7.85%$0.02170055
11.62%$0.085775
14.59%$0.681682
15.54%$106,085.00
4.78%$3.30
17.55%$0.273483
15.02%$0.183182
8.05%$0.331643
22.30%$2.34
12.06%$0.182622
13.35%$0.279907
37.78%$0.931723
13.21%$1.005
0.36%$4.39
4.50%$2,467.97
9.84%$101.65
14.24%$0.999925
-0.02%$11.00
1.93%$153.83
8.29%$0.999968
-0.04%$1.36
27.57%$0.418551
18.29%$0.210835
12.26%$1.20
3.09%$0.01730301
7.20%$11.88
23.06%$2,809.80
9.82%$2,583.67
9.76%$1.64
16.49%$0.00001426
15.39%$0.34444
22.02%$1.65
17.25%$1.054
14.48%$0.672594
18.52%$1.00
0.00%$1.004
0.38%$0.568475
14.46%$0.059866
5.95%$0.999538
-0.02%$2,627.98
9.48%$2,589.60
9.78%$3.09
-0.37%$105,929.00
4.69%$1.11
0.00%$3,341.06
-1.87%$643.92
3.33%$0.86547
24.23%$105,841.00
4.45%$0.084965
15.15%$2,587.59
9.63%$107,227.00
4.40%$3,322.69
-1.94%$0.588367
13.43%$0.429374
14.17%$0.507918
5.53%$162.27
8.29%$2.14
7.24%$0.862915
13.72%$0.00007418
14.88%$188.83
8.29%$111.54
0.02%$2.21
7.20%$0.695798
15.26%$2,663.58
9.61%$42.78
11.14%$0.998831
0.00%$0.01373167
21.32%$0.01016595
0.40%$0.72717
12.76%$0.01432967
12.68%$19.13
11.78%$0.25832
9.24%$1.088
-3.62%$0.16424
10.41%$0.00000063
10.18%$30.97
5.24%$0.00978901
14.58%$0.230244
6.72%$0.997787
-0.00%$105,368.00
4.30%$0.550442
23.82%$3.60
11.70%$1.94
2.49%$38.53
8.64%$0.423485
12.36%$0.097682
12.54%$0.534937
7.60%$105,712.00
4.56%$2.06
11.10%$2,464.76
9.76%$2,464.94
9.50%$0.53023
7.45%$0.33286
8.41%$2,627.67
9.44%$105,584.00
4.19%$2,559.99
10.59%$0.262334
7.98%$0.626005
10.31%$0.01474153
11.14%$0.99834
0.03%$1.39
10.43%$2,462.30
9.55%$0.999944
-0.03%$0.423293
3.74%$38.54
8.76%$48.18
7.51%$7.76
0.68%$0.9999
-0.00%$1.40
18.42%$0.04335868
18.57%$0.999764
0.00%$0.059883
-1.92%$2.32
6.54%$0.16411
6.01%$0.16553
9.08%$0.422475
15.68%$1.091
0.01%$0.995883
-0.39%$0.00436133
27.84%$0.0000004
1.59%$0.336402
20.27%$5.64
10.09%$1.00
-0.00%$0.00683159
19.23%$0.117068
12.64%$13.81
11.27%$1.001
0.05%$0.0038657
39.31%$0.00001916
8.70%$2,633.28
10.27%$2,463.37
9.82%$0.506277
13.02%$2.29
9.30%$0.989316
16.41%$0.00000094
14.24%$0.365867
14.47%$1.18
15.56%$0.071732
12.79%$0.508924
6.13%$0.00408
7.23%$1.45
12.88%$0.352799
4.91%$0.03563508
8.96%$0.03480137
2.69%$1.19
5.34%$2,715.55
9.64%$0.164554
1.93%$5.19
6.37%$0.13461
14.21%$0.80434
36.72%$105,798.00
4.60%$2,693.03
9.52%$106,027.00
4.80%$0.01682707
2.33%$1.00
0.01%$19.73
1.40%$2,462.40
9.69%$0.999469
0.07%$158.25
8.14%$0.999648
0.01%$0.03114667
5.90%$0.00005607
6.53%$1.12
11.59%$0.999931
0.01%$2,465.43
9.70%$10.05
3.39%$0.04599803
15.94%$0.707646
5.27%$0.449587
7.81%$111.01
8.14%$0.063027
13.65%$0.297427
13.63%$0.00344786
8.52%$106,603.00
6.70%$0.629143
21.31%$18.31
10.43%$0.00529481
15.27%$0.611055
9.87%$1.001
-0.09%$1.68
0.13%$103,560.00
4.95%$0.00000131
-0.13%$0.183012
7.83%$1.20
0.68%$2,128.39
4.46%$1.017
-0.01%$6.21
13.90%$0.00371532
15.38%$0.183514
9.27%$103,286.00
4.77%$20.14
8.82%Payments company Square today announced today in its Q3 earnings statement that its Bitcoin revenue was $1.81 billion, an 11% increase from last year, from trading on its Cash App.
The company said that its profits from its Bitcoin investment were therefore $42 million—approximately 2% of Bitcoin revenue.
While $1.81 billion in revenue from Bitcoin trading may seem impressive, it is a significant decrease—roughly 23%—when compared to the previous quarter. In Q2, the company generated $2.72 billion in Bitcoin revenue—and profits of $55 million.
The reason, Square said, was that stability in the cryptocurrency’s price drove down trading activity. In other words, Bitcoin’s price wasn’t budging much, so people were less interested in trading the cryptocurrency.
“Bitcoin revenue and gross profit benefited from year-over-year increases in the price of Bitcoin and number of Bitcoin activities,” the statement said.
“Compared to the second quarter of 2021, Bitcoin revenue and gross profit decreased on a quarter over-quarter basis, driven primarily by relative stability in the price of Bitcoin, which affected trading activity compared to prior quarters.”
The company, headed up by Bitcoin-booster (and part-time Twitter CEO) Jack Dorsey, said that total net revenue jumped 27% to $3.84 billion—with $1.13 billion in gross profits.
Square added that Cash App, a mobile app that lets users buy Bitcoin, “delivered strong growth” as a whole for the company, generating $2.39 billion of revenue and $512 million of gross profit, a 16% and 33% year over year increase, respectively.
Square stock closed trading today down nearly 2%.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.