Financial services company Square, in its Q3 2020 earnings report published on Nov. 5, revealed that it had generated over $1 billion in revenue from Bitcoin (BTC) in the third quarter.

• Square’s CashApp drew in $1.63 billion, which pushed its gross profit up by 212% year-over-year
• Gross profit from Bitcoin sales totaled to $32 million, a 15x increase from last year
• In Q2 2020, CashApp had sold roughly half that amount - $875 million with a $17 million gross profit
• Square’s focus on Bitcoin has accelerated in 2020, having announced in August 2020 that its Bitcoin revenue eclipsed all other avenues
• The report also alludes to the company’s purchase of $50 million worth of Bitcoin in October 2020, saying that “cryptocurrencies are an instrument of economic empowerment and aligns with the company’s purpose”
• Square CEO Jack Dorsey is an ardent supporter of Bitcoin, having praised the asset on multiple occasions