According to Chain News, settlement company Square (Twitter’s CEO Jack Doshiga) reported in a report filed with the Securities and Exchange Commission (SEC) for the first quarter of 2021 that total net income for the first quarter was $5.06 billion, up 266% year-on-year. Net income was $39 million.
In addition, CashApp’s first-quarter bitcoin revenue (the total amount of bitcoin sold to customers) was $3.51 billion, an increase of more than 10 times from $360 million a year earlier. Bitcoin transaction revenue was only $75 million (reflecting transaction fees charged by Square).
In the fourth quarter of 2020 and the first quarter of 2021, Square invested $50 million and $170 million in Bitcoin (BTC), respectively, holding a total of 8,027 BTC. As of March 31, 2021, Square’s market fair value of bitcoin was $472 million (about 529.86 billion won), which was $222 million (about 249.2 billion won) higher than the investment book value.
※ Coincode, a simple personal blog, is a paraphrase & reference from overseas news. Coin codes are not based on facts, and there may be misinterpretations. Therefore, the coin code cannot be used as a basis for investment judgment. Note please. For quick news, please use Twitter or Medium for each coin.
[Coincode (coincode.kr), if you share, please leave the source. ]
Disclaimer: The content of the “Coin Code Spot” section is one source that is provided after being translated into Korean or English, and is composed based on a reliable source, but it does not mean that the information has been confirmed. Comments cannot be provided. Faster and faster breaking news of various foreign media is available at’coincode.kr’ .
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.