Mobile payments processor Sq. made just about fifty percent of its Q4 revenue from its bitcoin-enabled Funds Application, the business uncovered in its money results on Tuesday. 

Square mentioned gross revenue from the Money App was $377 million in Q4. Its Q4 gross gain overall was $804 million. The Hard cash App generated $1.76 billion of bitcoin profits and $41 million of bitcoin gross revenue for the duration of the fourth quarter.

The firm also stated it has procured $170 million truly worth of bitcoin considering that October 2020. The investment represents about 5% of the firm’s whole property as of the close of 2020.

“The financial investment is section of Square’s ongoing commitment to bitcoin, and the corporation plans to assess its aggregate expenditure in bitcoin relative to its other investments on an ongoing basis,” the organization stated in its earnings launch.

In 2020, Square stated extra than 3 million consumers purchased or marketed bitcoin on Cash Application, and, in January 2021, extra than a person million prospects procured bitcoin through the application for the to start with time. 

“Bitcoin volumes for every purchaser have been up much more than 2.5x 12 months around year, principally pushed by getting exercise, as current buyers continued to obtain bitcoin and new adopters acquired even higher volumes of bitcoin,” the corporation said in its shareholder letter. “Bitcoin has aided enhance gross earnings per active client and engagement in our broader ecosystem as bitcoin actives use other goods, this sort of as Income Card and direct deposit, much more commonly as opposed to the regular Money App customer.”

Sq. reported Income App experienced extra than 36 million regular monthly lively buyers in December 2020, a lot more than double 12 months around 12 months.

In other places on the equilibrium sheet, Square noted a Q4 net revenue of $293 million, or 65 cents a share. Gross profit was $804 million, up 52% around the very same quarter past yr. Full web profits came to $3.16 billion with modified EPS of 32 cents. 

Wall Avenue was on the lookout for earnings of 24 cents a share on revenue of $3.09 billion.

The firm’s fourth quarter transactional income came in at $929 million. Revenue from its software and facts solutions, such as Square Cash and Money App, arrived to $449 million. The firm’s components earnings was $24 million. One more key metric for Sq. is its gross payment quantity (GPV), which it stated arrived to $29.4 billion. 

For the full yr of 2020, Square’s gross financial gain climbed 45% calendar year about 12 months to $2.73 billion. Cash Application created $1.23 billion in fiscal 2020 gross financial gain, up 168% 12 months more than calendar year. Hard cash Application produced $4.57 billion of bitcoin income and $97 million of bitcoin gross financial gain for Square.

For the present quarter, analysts hope Sq. to report earnings of 20 cents a share with income of $3.07 billion.