Square triples bitcoin profits

August 5, 2021

Square triples bitcoin profits

In the second quarter of 2021, bitcoin sales through the Cash App generated $2.72 billion in revenue and a gross profit of $55 million for payments company Square, according to reports. A year ago, those figures were $875 million and $17 million, respectively.

The figures for the second quarter were lower than those for January-March ($3.51bn and $75m).

Total net income in April-June rose 143% to $4.68bn.

In a statement to shareholders, the company noted an increase in the price of bitcoin and related customer interest over the past year. On a quarter-on-quarter basis, the same reasons led to a negative performance.

At the end of the second quarter, Square recorded a $45 million loss from a negative revaluation of bitcoins purchased on its balance sheet. As of 30 June, the fair value of digital gold was valued at $281 million, $127 million higher than its book value.

As a reminder, Square has earmarked $50m to buy the first cryptocurrency in October 2020 and $170m in February 2021.

In May, chief financial officer Amrita Ahuja said she would not invest further in bitcoin, a disclaimer later denied.

In August, Square announced its purchase of Afterpay, an installment service, for $29bn. After the deal closes, Square will integrate the app into Square's acquiring and Cash App.

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About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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