As the crypto market continues to jump to new heights, the famous payment platform CashApp by Square recorded a whopping eleven percent surge in its Bitcoin sales revenue. According to the latest report, the company generated an impressive $964 million in the first quarter of this year.
This number is an encouraging growth from last year’s $539 million, representing a 79 percent growth in the first quarter’s earnings report. The parent company of CashApp considers its BTC sales review as the main performance indicator. It said,
When customers buy bitcoin through CashApp, we only apply a small margin to the market cost of bitcoin, which tends to be volatile and outside our control. Therefore, we believe bitcoin gross profit better reflects the economic benefits as well as our performance from these transactions.
The massive profit suggests that the company managed to sell as much as $1 billion worth of the world’s most famous crypto asset. Yet, it further added that the value could fluctuate, given the highly volatile nature of the market and an unexpected change in consumer demand.
With more than $220 million worth of investment, Square recorded a $20 million loss during the quarter on its BTC investments. Interestingly, by the end of March, the company’s total investments in the assets stood at $472 million – a staggering increase.