Through its peer-to-peer mobile payment application Cash App, Jack Dorsey’s banking firm Square reportedly made $2.72 billion in Bitcoin income in the second quarter of 2021.
Despite the fact that the amount is nowhere near the $3.5 billion announced in the first quarter of this year, it represents a 143 percent growth in sales year over year. This increases the total revenue for the first half of 2021 to $6.22 billion.
Square’s total Q2 net revenue of $4.68 billion includes a considerable portion (about 58 percent) of Cash App’s Bitcoin business.
According to BTC PEERS, the whole crypto market was generally pessimistic in Q2, with Bitcoin falling by almost 40%. Despite the unfavourable market mood, Square has maintained a solid year-to-date growth rate. Bitcoin was selling at roughly $39,600 as of press time, having briefly topped $42,000 a few days before.
However, market mood has switched from “severe anxiety” to “greed,” indicating that buying pressure has increased.
Square’s Bitcoin gross profit in the second quarter was $55 million, down 26% from the $75 million recorded in the first quarter. Meanwhile, due to the significant drop in Q2, the firm announced a $45 million impairment loss on its Bitcoin portfolio.