As a major point of sale merchant provider, Square Inc. has made quite a name for itself in the IT world. Its card reading hardware and other innovation brought this firm to prominent status in both IT and finance, and its Square Financial Services banking division has blazed a path in terms of melding banking and lending with the company’s point-of-sale and merchant operations.
Another innovative thing that Square has done is put Bitcoin into the mix on its mobile Square Cash App. The Square Cash App handles enormous volumes of transactions for mobile device users every day, and these users have the capability to purchase Bitcoin easily and quickly, directly in the application.
Michael Bellusci reports at Coindesk that Square has just announced its Bitcoin revenues for quarter three of 2021 at $1.82 billion, with $42 million in gross profit.
That, Bellusci reports, means Bitcoin revenue is up 115% year-over-year, and gross profit is up 29% over the same time frame.
On the other hand, Square’s Bitcoin revenue fell from Q2.
The company cites “changes in customer” demand as a continuing factor.
Bellusci also cites other announced innovations, such as a November 19 white paper describing a developer platform that Square plans to build.
But the company’s crypto operations will surely provide a significant part of its activity and revenues in the years to come.
As of press time, Square stock is trundling right along at $250 per share, right around the median for month-long price activity that has been fairly stable. Some analysts are looking long-term at higher prices based on consistent growth numbers such as EPS and quarterly revenue over the past two years.
So keep an eye on this one – because in reality, Square has more than one path to looming over its 2020 values – and crypto is one of them.
