Square customers invested $ 1.63 billion in bitcoin in the third quarter
Founded by Twitter CEO Jack Dorsey, payments company Square sold $ 1.63 billion worth of bitcoins in the third quarter, according to its latest financial report..
The gross profit from bitcoin sales was $ 32 million. In the second quarter, the values were equal to $ 875 million and $ 17 million, respectively, and compared to the same period last year increased 11 and 15 times. The amount of bitcoins sold for the entire 2019 was $ 516 million.
“Bitcoin revenue and gross margin have grown thanks to increased cryptocurrency activity and transaction volume per client,” writes Square.
In October, Square announced an investment in Bitcoin of $ 50 million, or 1% of its assets, calling the cryptocurrency “a tool for full participation in the economic life of society and the global monetary system, which is consistent with the company’s mission.”.
“In October 2020, we invested $ 50 million in bitcoin,” Square writes in its latest report. – We expect to keep this investment for a long time. Accounting rules for bitcoin require us to recognize any decrease in the market price below costs as an impairment loss, while no action is taken on an increase in the market price until the sale is made. “.
The company notes that it has been selling bitcoin through its Cash App for 10 quarters and thus sold more than $ 4 billion in cryptocurrency.At the same time, net income from activities in this area amounted to only $ 34.1 million, taking into account the funds spent on the acquisition of bitcoin. Square’s total gross profit in the third quarter was $ 794 million.
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