Cash App, developed by Jack Dorsey’s financial services company Square, published the results of the second quarter of 2021. The report shows that the company's BTC revenue has risen 200% reaching $2.72 B from $875 M.
Related: Jack Dorsey Says Square Aims to Launch a BTC Hardware Wallet
The gross income of BTC went up to $55 million from $17 million. This means a 3X growth year over year. However, as the company states in the shareholder letter published on August 1, both BTC revenue and gross profit fell compared to Q1. During that time there was a higher user activity as a result of relatively less price volatility.
Over Q2, Square had a $45 M BTC impairment loss as the asset's value at the time of purchase was higher.
According to June 30 data, Square's fair value of BTC investment was $281 M, which was $127 M more than the amount on the balance sheet. The company bought $50 M BTC in Q4, 2020, and $170 M in Q1, 2021.On August 1, Square also revealed the agreement to acquire Australian fintech Afterpay for $29 B.
Twitter CEO Jack Dorsey established payment platform Square in 2010. In 2013 Square launched its P2P payments network Cash App. The app has allowed BTC trading since 2017.