Cash App Q1 Report Shows Bitcoin Sales Profits More Than 10x Year-On-Year

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.

Reference: https://www.sec.gov/Archives/edgar/data/1512673/000119312521153261/d180447dex991.htm

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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.