In the second quarter of 2021, BTC worth $ 2.72 billion was sold through the Square Cash App.The company’s net profit from the sale of bitcoins was $ 55 million.
According to Square’s report, the second quarter of this year was less successful than the first quarter. In the first three months of 2021, the company sold BTC in the amount of $ 3.51 billion, and net profit was $ 75 million.However, the growth compared to the second quarter of last year was 200%. Representatives of Square associate the fall in profits with “sufficient stability of the price of bitcoin, which affected the trading volumes.”
Square does not plan to be satisfied with what has already been achieved and is aggressively expanding the business. Thus, it became known that the company is buying the Australian payment firm Afterpay, and the deal amounted to $ 29 billion. The registration will be completed in the first quarter of next year and after the merger Square hopes to increase both the user base and profits.
The report notes that the fall in the rate of the first cryptocurrency led to a decrease in the return on investment in bitcoin. Now bought Square BTC is estimated at $ 281 million, whereas at the beginning of the year they cost $ 45 million more. However, even so, the company’s profit from investing in bitcoin is estimated at $ 127 million.
Earlier it was reported that Square is preparing its own cryptocurrency hardware wallet and is also developing an open platform for cryptocurrency financial products.
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