Bitcoin services generate $2.72 billion revenue for Square despite market correction

In the second quarter of 2021, Jack Dorsey’s financial firm Square has reportedly earned $2.72 billion in Bitcoin revenue through its peer-to-peer mobile payment service Cash App.

Even though the figure is nowhere near the mammoth $3.5 billion reported in the first quarter of the year, it represents a 143% year-over-year increase in revenue. This brings the combined figure to $6.22 billion in revenue for the first half of 2021.

Cash App’s Bitcoin service accounts for a significant percentage (approximately 58%) of Square’s total Q2 net revenue, which is $4.68 billion.

As reported by BTC PEERS, Q2 was largely bearish for the entire crypto industry, with Bitcoin plunging by over 40%. However, amid the negative market sentiments Square has been able to maintain a positive year-to-date growth. As of press time, Bitcoin was trading at around $39,600 after briefly touching $42,000 a few days earlier. The market sentiment has, however, shifted from “extreme fear” to “greed,” suggesting an increase in buying pressure.

Square’s Bitcoin gross profit in Q2 was $55 million, a 26% drop in comparison with the $75 million reported in Q1. Meanwhile, the firm reported an impairment loss of $45 million on its Bitcoin portfolio due to the massive slump in Q2.