Square’s Cash App Reports $2.7B In Quarterly Bitcoin Revenue, A 200% Jump

Square had a busy weekend. The company has hit the headlines over its acquisition of Australian fintech company Afterpay as part of a deal with all its shares. Square would later be awarded the 2nd title of the year 2021.it issued a shareholder letter for its quarter. Square’s mobile product, cash, is full of information about the company, including some high crypto transaction growth rates.

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Square 2. its gross profit for the quarter was $ 546 million, up 91% from the same period last year. Bitcoin gross profit, mainly from the Cash app, was about 10%, at about $ 55 million, which the company said was 2% higher than last year.it reflects a significant increase in bitcoin gross revenue of $ 17 million, which it observed in the quarter.

Annual bitcoin sales also showed extraordinary leaps, rising more than 200% to $ 2.72 billion. That figure was $ 875 million last year. while some might call it a relatively small gross margin in relation to revenue, Square argues that profiting from bitcoin transactions is clearly a low priority. Bitcoin’s gross profit was only 2% of bitcoin revenue for the Cash app in Q2.

In fact, the company explicitly mentions net income excluding transactions in bitcoins. According to a shareholder report, Square is reducing bitcoin revenue because ” its role is to make it easier for customers to access Bitcoin.”The company is apparently playing the” long game ” with crypto, increasing accessibility and minimizing costs.

Square has seen significant growth and, thanks to new acquisitions, the company looks set for Future FinTech breakthroughs. / Source: NYSE: SQ on TradingView.com

Read on / TA: bitcoin fixes profits, why BTC should be able to increase losses

It’s not all Yesil days.

Despite a significant increase in annual reporting figures, the price of bitcoin has fallen compared to the first quarter of the year. Therefore, both bitcoin revenue and the gross profit of the bitcoin for Cash app will be $ 1 million in 2021. down by quarter as Cash app claims only small margin in market costs

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