A few days ago, Square released its profit-and-loss report that corresponds to the third quarter of 2021. According to the report, “Cash App has generated USD 1.8 billion in Bitcoin during the Q3.”
“Currently, MicroStrategy is the corporate owner of Bitcoin, with over 114,000 BTC. We will continue to estimate occasions.”
After the first ProShares Bitcoin Strategy ETF was announced, the value of the main cryptocurrency has immediately recorded an increase in its value of almost 6% during trading. However, BTC has reached a new all-time high. After six months of a hard wait, Bitcoin has done it again.
35 years ago, Square Co. Ltd., or simply Square, known internationally as Squaresoft, started as a Japanese video game company, called Denyuusha.
According to the earnings report, Square’s Cash App has generated $42 billion as gross profits. And, although Bitcoin inflows were positioned at $1.8 billion, the reality is that they decreased compared to the second quarter of the year.
The company reported the reduction in Bitcoin inflows given the “relative stability of Bitcoin’s value” during this quarter, which “has impacted trading activity compared to previous quarters.” Essentially because of an issue associated with customer demand and market pricing. They are going to be responsible for electricity rates and a monthly hosting charge for the mechanisms, once customers acquire the miners.
Meanwhile, Square’s total net inflows totaled $3.38 billion during Q3, being 27% higher compared to last year. While, as for gross earnings, they reached $1.13 billion. Adjusted earnings per share were $0.37, in line with the market’s expectations. However, at the entry-level, it has been below the forecasts of $ 4.4 billion.
On the other hand, with this event, Eric Adams would add to the initiative of Miami’s Mayor Francis Suarez. Before that, he would perceive the payment of his services in the leading crypto market. This probably caused during the operations to the publication of the results, Square’s shares retreated by almost 5%.
It is worth remembering that the only crypto provided by Cash App is Bitcoin and, at least for the moment, they showed no intention of adding any other.
Square recently announced that people over the age of 13 will be able to use the Cash App to deposit, spend or send money to friends. Previously, the app was found to be exclusively available for people over 18 years old.
Through his Twitter account, the current mayor of New York, Eric Adams, announced that he will receive his first three paychecks as mayor of the city in Bitcoins.