Enough Bitcoin? Clearly. Payment Fintech Square has no plans to buy more bitcoin for its corporate portfolio after losing $ 20 million in a $ 220 million investment in cryptocurrency last quarter.
Square, which is run by Twitter boss Jack Dorsey and runs the payment app Cash App, became one of Bitcoin’s leading supporters last year after buying Bitcoin for $ 50 million in October and $ 170 million in February for its portfolio. “We have no plans to make further purchases now,” Amrita Ahuja, Square’s chief financial officer, told Financial News.
“There are no plans at this stage to redefine where we are from the treasury point of view,” she said in an interview. However, Amrita Ahuja added, “There are many other options.” [Square] There to learn with Bitcoin. “
Square recently published strong quarterly results. Square quarterly revenue rose 266 percent to $ 5.06 billion – easily breaking analysts’ expectations of $ 3.36 billion. This is mainly thanks to the strong bitcoin business of the “Cash” app. Sales in the division rose 666 percent to $ 4.04 billion. At $ 3.51 billion, more than 85 percent of this was traded in cryptocurrency – eleven times the same period last year. Total revenue from the “Cash” app rose 171 percent to $ 495 million. Across the group, it rose 79 percent to $ 984 million.
However, this role has come under considerable pressure recently – which has been linked to the recent weakness of Bitcoin. Regardless, the shareholder continues to be bullish on Square’s stock in the medium and long term. Spec retail purchase recommendation remains in effect.