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Square Sold $1.6 Million In Bitcoin During Third Quarter Of 2020

Emily Mason

Summary: Square sold $1.6 billion in Bitcoin during the third quarter of 2020, according to a newly released earnings statement from the third quarter of 2020. In quarter three, Square made $32 million in gross profit on its Bitcoin sales. The gross profit the company made from Bitcoin sales is up 90% from last quarter. The ...

Square sold $1.6 billion in Bitcoin during the third quarter of 2020, according to a newly released earnings statement from the third quarter of 2020.

In quarter three, Square made $32 million in gross profit on its Bitcoin sales. The gross profit the company made from Bitcoin sales is up 90% from last quarter. The report highlighted that Bitcoin revenue and gross profit benefited from an increase in Bitcoin actives and volume per customer.

The report comes after Square announced a $50 million investment in Bitcoin in October. The company has stated that it believes Bitcoin and cryptocurrencies are an instrument of economic empowerment.

By Emily Mason

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