Reading Square's 2019 investor letter, found this side note where they explained ”Why deducting bitcoin revenue better reflects the economic benefits" a bit confusing
anybody familiar with this cares to elaborate 

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@patio11 related question, but why is Cash app able to generate 120 million of profits in q3 while Venmo is still struggling to reach profitability despite having 400 million revenue/yr? They mainly monetize through the same methods right?pic.twitter.com/EzP2yDASzZ
I do not have a strong point of view on this question, which would likely benefit from more of an insider perspective at one of those firms. I suspect that there are some severe challenges in allocating expenses (e.g. engineering) internally, which is not exactly a new problem.
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