Bitcoin Transactions Boost Square’s Quarterly Profit by Almost 60 Percent

Square reported a nearly 60 percent jump in third-quarter gross profit on Thursday, driven by a surge in bitcoin transactions on peer-to-peer payments service Cash App.

Payments Firm, Buying Now, Pay Later Pioneer Afterpay It posted a gross profit of $1.13 billion (approximately Rs 8,388 crore) for the quarter ended September 30, for $29 billion (approximately Rs 2,15,282 crore).

cash app Bitcoin generated $1.82 billion (about Rs 13,509 crore) in revenue, up 11% from a year ago.

but based in san francisco Social class said Bitcoin Revenue and gross profit decreased from the previous quarter as the relative stability in the price of the cryptocurrency dampened trading activity. bitcoin price in india 5th November at 6:02 pm IST Rs. 49.22 lakh.

company led by Twitter top boss jack dorsey, has benefited from the pandemic-induced surge in demand for e-commerce from people staying at home over the past year.

Its gross payment volume, a measure of transactions processed on the Cash app, rose 27 percent to $3.7 billion (about Rs 27,464 crore). Total net revenue grew by 27 per cent to $3.84 billion (approximately Rs 28,503 crore).

Dorsey has been an extremely vocal supporter of bitcoin and cryptocurrencies. A recent bitcoin rally doubled Square’s $220 million (about Rs 1,650 crore) investment to more than $470 million (about Rs 3,526 crore) when the world’s oldest cryptocurrency was around $62,000 (about Rs 46.52 crore). lakhs) was doing business.

according to a report good In Bitcoin Magazine, Square holds approximately 8,027 bitcoins, acquired at a total purchase price of $220 million and an average price per bitcoin of $27,407 (Rs 20.56 million), which includes fees and expenses.

Square first announced that it had purchased 4,709 bitcoins in October 2020 for a total purchase price of $50 million (about Rs 375 crore). In its full year 2020 report, the company stated that it has purchased approximately 3,318 bitcoins for a total purchase price. $170 million (approximately Rs 1,275 crore). Among other companies – micro strategy And Tesla — whose bitcoin investments have recently doubled, Square has secured its bitcoin at the lowest average price per coin, the report said.

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