Square’s Bitcoin Revenue Tops $2.72 Billion in Q2 and Reports Impairment Loss of $45M

2021-8-2 16:00

Twitter co-founder and CEO Jack Dorsey’s Square reported another profitable quarter with its Bitcoin yearly revenue surging 200% year over year to $2.72 billion from $875 million. Bitcoin gross profit meanwhile rose from $17 million to $55 million.

Square’s Cash App reported a “significant growth” of 3x YoY in bitcoin revenue, with bitcoin gross profit being 2% of it.

Total net revenue was $4.68 billion in the second quarter of 2021, up 143% YoY, and excluding bitcoin, the total net revenue was $1.96 billion, up 87% YoY.

In Q2, Cash App also reported a gross payment volume of $42.8 billion, up from $33.1 billion in Q1. The App also reached 40 million monthly transacting active customers in June.

In its Q2 financial letter to shareholders, the company noted that Bitcoin’s YoY growth was due to increases in the price of bitcoin and bitcoin actives and growth in customer demand.

However, Q2 saw bitcoin revenue and gross profit declining from Q1 due to relative price stability affecting the trading activity compared to prior quarters.

As for the $220 million investment in Bitcoin ($50 million in 4Q20 and $170 million was invested in 1Q21) that Square is holding on its balance sheet, resulting in the company reporting an impairment loss of $45 million, up from $25 million in Q1 due to Bitcoin being an indefinite-lived intangible asset which is subject to such loss if its fair value decreases the carrying value during the assessed period.

The San Francisco-based company mentions the impairment loss because GAAP (generally accepted accounting principles) requires any decreases in market price below carrying value to be recognized. Still, no upward revisions are recognized when market price increases until Bitcoin has been sold.

Still, the fair value of Square’s investment in bitcoin was $281 million based on observable market prices as of June 30, 2021. This is $127 million greater than the carrying value of the investment.

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