by Rushali 
In an earning report filled with SEC, Square has reported $4.57 billion in bitcoin revenue in 2020 out of which $97 million is added in the company’s gross profit. Which is around a 785% increase on a year-to-year basis.
On Tuesday the company has reported that the revenue it made from selling bitcoin on Cash App contributed to 48% of total revenue in 2020, and 85% of the total increase in consolidated net revenues in 2020. It also reported an increase in customers transaction in bitcoins and the bull run of bitcoins have contributed to this.
Square CEO Jack Dorsey has said on Tuesday that they are now focused on increasing transaction limits across the system for Cash App and will double the bitcoin transactions.
Chief Financial Officer Amrita Ahuja of the company has said that it is very early to say anything as they have spent very little time with the bitcoin business.
The company also announced on Tuesday it had added 3,318 BTC to its bitcoin treasury.
