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Square Bitcoin revenue, profit ‘may fluctuate’ due to ‘customer demand, market price’
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Amid a flurry of companies reporting positive outcomes from their Bitcoin investments during the third quarter, digital payments giant Square has also reported $1.81 billion in Bitcoin-generated revenue during this time. The company has also expressed an interest in expanding its investments and presence in the digital asset industry in its Q3 earnings report.
An 11% year-over-year increase in Bitcoin revenue was reported by Square, along with a gross profit of $42 million, which is approximately 2% of the bitcoin revenue. While the $1.81 billion BTC revenue represented 47% of Square’s total sales, it generated only 3.7% of the company’s Q3 gross profit. Both the revenue and gross profit generated from the cryptocurrency had declined on a
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