Square's Cash App Bitcoin profits fall 23% — Will opening it to teenagers help?
Cash App’s Bitcoin profits fell in the third quarter, but overall profits are still on the rise. Jack Dorsey’s payments company Square Inc. revealed in its Q3 earnings report that mobile payments app Cash App saw a 23% drop in quarterly profits generated by Bitcoin.But Bitcoin profits and revenue are both up year on year. Square attributes the drop off in quarter-on-quarter Bitcoin revenue and gross profit to the “relative stability of the price of Bitcoin, which affected trading activity compared to prior quarters.”Cash App allows users in the United States and the UK to buy Bitcoin and....
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Cash App, a mobile payment service of Square Inc., generated more than $1.63 billion in bitcoin revenue in Q3 2020, which is an increase of more than 1,000% over the same period last year. The company recently invested 1% of its total assets, or $50 million, into bitcoin. Cash App’s Bitcoin Revenue Soars Square Inc. released its Q3 2020 earnings report on Thursday. The NYSE-listed (NYSE: SQ) company with a market capitalization of $86 billion provides software and hardware payments products and small business services. Its CEO Jack Dorsey also co-founded Twitter. Square’s....
Square has had a busy weekend. The company made headlines for it’s purchase of Australia-based fintech firm, Afterpay, in an all-stock deal. Square then went on to release it’s Q2 2021 Shareholder Letter, filled to the brim with company insights – including some strong growth numbers in crypto transactions on Square’s mobile product, Cash App. Breaking Down The Numbers Square’s gross profit in Q2 was a healthy $546M, reflecting a 91% increase year-over-year. Bitcoin gross profit on Cash App specifically accounted for roughly 10% that, coming in at around $55M;....
“Maybe you don't simply get a 20X the value of the business, but could you two, three, four or five X the business? Absolutely,” said Anthony Pompliano. Morgan Creek Digital co-founder and Bitcoin proponent Anthony Pompliano thinks Square’s value could increase to $1 trillion following the firm’s acquisition of Afterpay. Square, headed up by CEO Jack Dorsey, this week announced its acquisition of the Australian buy now pay later (BNPL) business for $29 billion on the same day it reported $2.7B in Q2 revenue from Bitcoin sales on its Cash App.Pomp analysed the move on his “Best Business”....
Jack Dorsey’s Square now owns roughly 3,318 more BTC. Financial services outfit Square just announced it has picked up more Bitcoin. Square “has purchased approximately 3,318 bitcoins at an aggregate purchase price of $170 million,” the company said in a public statement on Tuesday, adding:“Combined with Square’s previous purchase of $50 million in bitcoin, this represents approximately five percent of Square’s total cash, cash equivalents and marketable securities as of December 31, 2020.”Bitcoin (BTC) has fallen significantly this week so far, dropping below the $50,000 mark after....
Despite that the Bitcoin price trended down over Q1, the Block ecosystem of payment solutions with Bitcoin in mind performed well. Block, the pro-Bitcoin (BTC) umbrella company that hosts Cash App, Square and Afterpay, continues its growth in 2022. According to its Shareholder letter, in the first quarter of 2022, gross profits are “up 34% year over year.”In total, the group netted $1.29 billion in gross profits. However, operating costs were also up “$1.52 billion in the first quarter of 2022, up 70% year over year.” The group explains that the acquisition of Afterpay, a buy now pay....