Square got $55 mln profit from BTC sales for the II quarter 2021 of the year – Bits Media

For the II quarter 2021 years through the Square Cash App, BTC was sold in the amount of $2.72 billion. The company's net profit from the sale of bitcoins was $55 million.

According to Square's report, Q2 of this year turned out to be less successful, than the first quarter. For the first three months 2021 year company sold BTC for the amount $3.51 billion, and net profit was $75 million. However, growth compared to the II quarter of last year 200%. Square representatives associate the fall in profit with “sufficient stability of bitcoin prices, which influenced the volume of trading ".

Square does not plan to stop there and aggressively expands the business. So, It became known, that the company buys the Australian payment company Afterpay, And the amount of the transaction was $29 billion. The design will be completed in the first quarter of next year and after the merger of Square hopes to increase as a user base, So profit.

The report notes, that the fall in the course of the first cryptocurrency led to a decrease in profit from investment in Bitcoin. Now the purchased Square BTCs are evaluated in $281 million, Whereas at the beginning of the year they were worth $45 million more. However, Even so the company's profit from investment in Bitcoin is estimated at $127 million.

Previously reported, that Square is preparing its own hardware cryptocurrency wallet, and also develops an open platform for cryptocurrency financial products.