{"id":47169,"date":"2021-08-04T10:03:41","date_gmt":"2021-08-04T07:03:41","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=47169"},"modified":"2025-09-01T20:00:17","modified_gmt":"2025-09-01T17:00:17","slug":"square-tripled-its-profit-from-bitcoin-sales","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/square-tripled-its-profit-from-bitcoin-sales\/","title":{"rendered":"Square tripled its profit from Bitcoin sales"},"content":{"rendered":"<p>In the second quarter of 2021, Bitcoin sales through the Cash App generated revenue of $2.72 billion and gross profit of $55 million for the payments company Square, according to <a href=\"https:\/\/investors.squareup.com\/financials\/quarterly-results\/default.aspx\">\u043e\u0442\u0447\u0435\u0442\u043d\u043e\u0441\u0442\u0438<\/a>. A year earlier, these figures were $875 million and $17 million respectively.<\/p>\n<p>The figures for the second quarter were <a href=\"https:\/\/u1f987.com\/en\/news\/square-earns-3-51-billion-from-bitcoin-sales-via-cash-app-in-q1-2021\">lower than the January\u2013March values<\/a> ($3.51 billion and $75 million).<\/p>\n<p>Total net income for April\u2013June rose by 143%, to $4.68 billion.<\/p>\n<p>In a letter to shareholders, the company noted the rise in Bitcoin&#8217;s price and the related increase in customer interest over the past year. On a quarterly basis, the same factors led to negative momentum in the metrics.<\/p>\n<p>For the second quarter, Square recorded a $45 million loss from impairment of Bitcoins held on its balance sheet. As of June 30, the fair value of the digital gold was estimated at $281 million, $127 million above its carrying value.<\/p>\n<p>Square <a href=\"https:\/\/u1f987.com\/en\/news\/square-invested-50-million-in-bitcoin\">allocated $50 million<\/a> for the purchase of its first cryptocurrency in October 2020 and <a href=\"https:\/\/u1f987.com\/en\/news\/square-invests-a-further-170-million-in-bitcoin\">$170 million<\/a> in February 2021.<\/p>\n<p>In May, CFO Amrita Ahuja <a href=\"https:\/\/u1f987.com\/en\/news\/square-abandons-plans-to-invest-further-in-bitcoin\">stated<\/a> that the company would refrain from further Bitcoin investments; this information was subsequently denied.<\/p>\n<p>In August, Square <a href=\"https:\/\/u1f987.com\/en\/news\/square-to-acquire-afterpay-for-29-billion\">announced<\/a> the purchase of Afterpay&#8217;s buy-now-pay-later service for $29 billion. After the deal closes, Square will integrate the app into its acquiring platform and into Cash App.<\/p>\n<p>Subscribe to ForkLog news on <a href=\"https:\/\/www.facebook.com\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the second quarter of 2021, Bitcoin sales through the Cash App delivered to Square the payments company revenue of $2.72 billion and gross profit of $55 million, according to the quarterly results. A year earlier, these figures were $875 million and $17 million, respectively.<\/p>\n","protected":false},"author":1,"featured_media":47170,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1534,2009],"class_list":["post-47169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-square","tag-square-crypto"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/47169","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=47169"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/47169\/revisions"}],"predecessor-version":[{"id":47171,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/47169\/revisions\/47171"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/47170"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=47169"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=47169"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=47169"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}