Money App, the Bitcoin-friendly cell funds app from U.S. monetary companies agency Sq., has reported Bitcoin (BTC) has overtaken all different income sources, making up nearly 80% of its whole income within the third quarter.

In Sq.’s third-quarter report, Money App’s Bitcoin-derived income of $1.63 billion in Bitcoin marked an enormous improve of greater than 1,100% when in comparison with the identical interval in 2019.

Bitcoin income was by far the most important part of Money App’s total income era of $2 billion, with all different income streams totaling $453 million, or 22% of the overall.

Money App capabilities as a dealer for Bitcoin purchases, shopping for it on behalf of the consumer, and including a small charge.

The report notes that a number of the elevated Bitcoin gross sales have been because of the app’s Auto-Make investments instrument, launched in Could this yr, which permits customers to recurring each day or weekly purchases of inventory or BTC.

Bitcoin income produced $32 million in gross revenue for the third quarter, a rise of 15 occasions from the earlier yr’s revenue of $2.1 million in the identical interval.

Sq.’s whole Q3 income was greater than $3 billion, up 140% from 2019 — of which Bitcoin comprised greater than 50%. The entire Bitcoin income for all of 2019 was $338 million with a gross revenue of $5 million.

Hours after the report was launched, Sq.’s share worth rose 6% throughout after-hours buying and selling to sit down at $184, eyeing off the earlier all-time excessive of $190 earlier this month. On the similar time, Bitcoin rose by an identical quantity to hit a two-year excessive of $15,880.

Within the report Sq. additionally famous its $50 million Bitcoin (4,709 BTC) funding as a treasury asset, which is now price $74.8 million. The corporate’s buy was based mostly on the idea that “cryptocurrencies are an instrument of financial empowerment and align with the corporate’s objective,” including:

“We count on to carry this funding for the long run.”

Regardless of Sq.’s massive funding, the corporate ranks seventh when it comes to publicly buying and selling firm’s Bitcoin holdings.