Payment company Square reported financial results for the third quarter of this year. Profit from trading bitcoin decreased from $ 55 million in the second quarter to $ 42 million in the third quarter.
The report notes that the volume of sales of bitcoins has also decreased. If in the second quarter through the Square Cash App, BTC was sold for $ 2.72 billion, then in the third quarter the figure dropped to $ 1.82 billion.The total revenue for this period was $ 3.84 billion, and the gross profit was $ 1.13 billion.
“Compared to Q2 2021, bitcoin trading income and gross profit have decreased, primarily due to the relative stability of the bitcoin price, which affected trading activity compared to previous quarters,” the report said.
Recall that in October 2020 Square bought bitcoins for $ 50 million, and in February invested about $ 100 million in this asset.Now the coins bought by the company are estimated at $ 352 million.The profit from investments in BTC as of September 30 was $ 203 million.
Square is currently working on several “open source” cryptocurrency projects. We are talking about the BTC mining system, a decentralized exchange for trading bitcoin and a hardware wallet for storing the first cryptocurrency.
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