On May 6, American financial services and digital payments company Square released a shareholder letter for the first quarter of this year. As the paper shows, Square's P2P payment solution Cash App generated $3.51 B of BTC revenue during Q1, 2021.
Related: E-Commerce Company Mercado Libre Made $7.8 M BTC Purchase
For the same interval of the previous year, the sum was $306 M, and for Q4 2020 it was $1.76 B. Square's entire revenue for Q1 was estimated at $5.06 billion, 70% of which came from BTC.
Through Cash App users can buy, sell, store, withdraw, and deposit BTC. So, it acts as an exchange as well as a custodial wallet.
Besides presenting operations with Bitcoin, Square also maintains the cryptocurrency in its balance sheet. In late 2020 and at the beginning of 2021, the company acquired $220 M worth of BTC in total. There was noted in the letter that the investment is long-term.
Square stated that it receives 2% on BTC transactions and that its entire profit from the coin reached $75 M for Q1.