Bitcoin’s Bull Run Sends Square’s Revenue Flying Through Roof

Bitcoin’s Bull Run Sends Square’s Revenue Flying Through Roof

Jack Dorsey’s payments solution company, Square (NYSE: SQ), is currently making a killing in the Bitcoin (BTC) rally as a result of its affiliation with the cryptocurrency. This surge is evident in its stock performance and it has just released its Q3 investors’ letter.

The company has registered a whopping $1.3 billion in revenue in its third-quarter thanks to its Bitcoin sales. This report is coming at a time when the company just clocked $3.03 billion in net revenue and about $800 million in profits.

A researcher at Messari, Ryan Watkins, has sketched out a comparison of the company’s performance from last year to the last quarter. He mentions that Square is setting a good example for other top financial institutions to follow and begin offering BTC and cryptocurrency services to their customers. The company attributed the massive spike in BTC volume to its Bitcoin sales.

Also, worth mentioning is that the company currently holds about $50 million worth of Bitcoin in a purchase last month to show its dedication to the cryptocurrency.

Meanwhile, the company made $875 million from Bitcoin sales in Q1 2020 alone $306 million in the preceding quarter.

Square pulled in $32 million in profits from its BTC sales in Q3, which represented 4% of the company’s net profits, and $17 million in Q2 2020, which represented a measly 2.84% of the total profits. Overall, the company reached a revenue of $3.03 billion in the third quarter as opposed to $1.92 billion in the second quarter and $1.3 billion in the first quarter.

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch in the Near-Term — November 6

Bitcoin continues on its bullish spree as it continues to crunch new YTD highs. Many investors have speculated that we could see a 2017-type bull run.

The major resistance levels to watch out for are the $16,000, $16,500, and $17,000. On the flip side, the main support levels to monitor are the $15,300, $15,000, and $14, 500.

Total market capital: $443 billion

Bitcoin market capital: $286.9 billion

Bitcoin dominance: 64.5%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.