Today, Square (NASDAQ: SQ) reported its 2021 first quarter earnings. The company remained committed to holding bitcoin as an “instrument of global economic empowerment,” seeing tremendous gains from its $220 million in bitcoin purchases.
With the $170 million purchase, the company bought an additional 3,318 bitcoin for an average price of $51,235.68 per bitcoin.
In October 2020, Square announced an initial purchase of 4,709 bitcoins for $50 million that they are now worth approximately $263.2 million at the time of writing. At present, the company holds around $448 million, making it one of the third biggest bitcoin holders among publicly-traded companies. The company currently holds 8,027 bitcoin, worth approximately $448 million, giving it the third-largest bitcoin holdings of any publicly-traded company.
We believe that bitcoin is the native currency that makes our business easier, and it creates more opportunities for economic empowerment around the world. Square had total bitcoin revenue of $3.51 billion and bitcoin gross profit of $75 million, an increase of approximately 1,000% year over year.Square’s gross profit this quarter is $964 million, up 79%. Cash App, Square’s debit-payment application and bitcoin sales portal, also has a phenomenal growth rate at $495 million, up 171% year over year.
The company had $4.8 billion in available liquidity at the end of the quarter — an asset of $4.3 billion . The company’s gross profit was $964 million, up 79% year over year.
Square announced its earnings for its 2021 first quarter today.
Bitcoin remained an instrument of global economic empowerment for the company, with $220 million gained from its bitcoin purchases.
In the future, Square will continue to provide bitcoin services to customers and hold bitcoin as an instrument for economic empowerment, putting itself ahead of competitors.