Jack Dorsey’s Square Inc has registered a massive Q3 bitcoin revenue above $1 billion. The Quarter 3 report of the Square earnings was published. Moreover, the bitcoin gross profits made during the period are $32 million. Additionally, the Sqaure Inc’s market value increases by 4.2% since the release of the report.
The revenue of the Square Inc in total is much higher than the previous quarter.
Bitcoin price continues with its major breakout by entering in a bull chase. It records the highest levels of 2020 and currently trends around $15500. However, it is expected to reach close to $17K – $18K in the coming week.
As Coinpedia reported earlier about the strategies the MNC’s applied to add up more profits into their treasuries using Bitcoin, the similar trend is also seen with the current Square’s Q3 report announcement.
Previously, when Bitcoin was struggling to break $11000 levels, it was after the Square’s BTC announcement, the BTC price soared above $12,000. In the same time the stock value of $SQ touched its all-time highs which rarely experienced a major dump till date.
Considering the present scenario during the ongoing Bitcoin bull run, when the whole crypto community is crazy behind Bitcoin, the Square released Q3 report and the Bitcoin’s contribution in the Square’s revenue was the centre of attraction.
The immense adoption of Cash App that increased the revenue might be one of the reasons of the jump in the value of $SQ.
What do you think, will $SQ will soar with the Bitcoin bull run which is expected to touch $20,000 very soon!
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