Square’s revenue from the bitcoin (BTC, -2.81%) (BTC) company increased 11-fold in contrast to this time around year that is final.

“Cash App generated $3.51 billion of bitcoin revenue and $75 million of bitcoin revenue that is gross the first quarter of 2021, each up more or less 11x 12 months over 12 months,” in accordance with a shareholder letter posted Thursday.

That was Square’s that is double bitcoin of $1.76 billion into the 4th quarter of 2020. Bitcoin revenue for the quarter that is to begin had been $306 million.

Total income in the first quarter with this 12 months was $5.06 billion, meaning bitcoin revenue accounted for 70% of Square’s total consolidated revenue into the quarter.

Along with Cash App’s involvement as being a conventional gateway to bitcoin, Square holds a portion of its treasury within the cryptocurrency.

“In the 4th quarter of 2020 and very first quarter of 2021, we spent $50 million and $170 million, correspondingly, in bitcoin,” Square composed, incorporating it expects to “hold this investment for the future.”

Because of fluctuations in market rates throughout the quarter that is first the business reported a $20 million impairment loss on its bitcoin holdings. Nonetheless, by quarter end that is’s the worth had made a strong gain, as Square reported a $472 million reasonable value of its bitcoin on March 31, $272 million more than its holding price.