$1.63B in Bitcoin purchases is powering the majority of Square’s Q3 revenues

Bitcoin is powering a Fintech giant’s revenues for this quarter, data released on Thursday showed.

Cash App, the American financial services company that operates Bitcoin purchase app Square, reported in a US SEC filing yesterday that its Bitcoin business outnumbered any other purchases made in the third quarter of 2020. The mobile app functions as a broker for Bitcoin, stocks, and crypto purchases, holding a user’s private keys and allowing transfers to other Cash App customers.

Related articles

Kyrgyzstan Pushes Bitcoin Reserve With State Mining Plan

10 September 2025

Is The Bitcoin Bull Market Over? Pundit Warns Investors Of 30-Day Window To Take Profit

10 September 2025

Square’s total Q3 revenue reported at $3 billion, an increase of 140% compared to last year. Of this, Bitcoin purchases made for over 50%, compared to 2019 when users just brought $338 million worth of the asset and Square made a gross profit of $5 million.

Bitcoin made 80% of Square revenue

The revenue is a ten-fold increase compared to the same quarter last year when the crypto market was still bearish and saw relatively lesser interest among the retail crowd.

Bitcoin made over 80% of Square’s entire revenues, with Cash App users purchasing over $1.63 billion worth in Bitcoin in the past three months, the document showed.

ADVERTISEMENT

Other products on Cash App generated revenues of over $450 million, indicating the crowd was largely betting on only Bitcoin. The bets seem to have paid off well, with the pioneer cryptocurrency touching a high of $15,850 today — a near 50% increase since May and 300% since a low of $3,900 in March.

Square said users purchasing Bitcoin made use of the Cash App’s “Auto-Invest” tool, an automated service that launched in May 2020 and allows users to stack sats with a fixed amount daily or weekly. This service is also available for stock purchases.

Meanwhile, the firm said its Bitcoin business generated over $32 million in gross profit for the third quarter, a near 15x increase 2019’s profit of $2.1 million in a comparable period.

Square’s Bitcoin bet just made it $74 million

Apart from the revenues generated from Bitcoin, Square also noted its $50 million Bitcoin investment last month was now worth $74.8 million — a 50% profit. As CryptoSlate reported at the time, Square stated that it “expected to hold the investment for a long time” and that “as it grows in adoption, we intend to learn and participate in a disciplined way.”

The investment represented approximately 1% of Square’s total assets as of the end of the second quarter of 2020.

Like what you see? Subscribe for daily updates.