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CashApp's Bitcoin sales are up 25% since last quarter
Quarterly earnings reports are starting to roll in across the financial sector, and with them updates on the state of crypto adoption across the industry. Although some companies are understandably still feeling the chill of the crypto winter, even these are doing better than analysts expected. For companies with other priorities that have nonetheless adopted crypto to some degree, such as MicroStrategy, the asset class has proven to be part of their success so far. Beating expectations and forecasts from short sellers Block – better known by its former name Square, which is still used for its business platform – has, despite doubts raised in part by one of short sellers at...
CashApp's Bitcoin sales are up 25% since last quarter
Quarterly earnings reports are starting to roll in across the financial sector, and with them updates on the state of crypto adoption across the industry.
Although some companies are understandably still feeling the chill of the crypto winter, even these are doing better than analysts expected. For companies with other priorities that have nonetheless adopted crypto to some degree, such as MicroStrategy, the asset class has proven to be part of their success so far.
Beating short sellers' expectations and forecasts
Block - better known by its former name Square, which is still used for its business platform - has reported a slight increase in revenue and earnings per share, despite doubts fueled in part by a report published by short sellers at Hindenburg Research. The company is now reportedly considering legal action against the company.
"We intend to cooperate with the SEC and explore legal action against Hindenburg Research for the factually inaccurate and misleading report they shared today about our Cash App business. We will not be distracted by typical short-seller tactics."
Although quarterly results were quite good, Block's stock took a nosedive shortly after the report was released. Fortunately for its investors, the company has reported that its earnings per share are now 40 cents, versus analysts' forecasts of 35 cents. At the time of writing, the company's shares were worth just under $60, according to MarketWatch.
Bitcoin's role in block recovery
Jack Dorsey, the co-founder and former CEO of Twitter who is currently the CEO of Block, has been a long-time Bitcoin supporter. This quarter, cryptocurrency played a major role in his company's financial results, with results that could point to even greater success in the future.
According to Block, Bitcoin sales on CashApp – one of Block's most hyped products – benefited from a 25% increase since last year. This is in stark contrast to the previous quarterly report, where Bitcoin sales were down 7% year-over-year.
Although revenue from BTC sales only totaled $50 million of the companies' total gross profit of $1.71 billion, the results still prove that Bitcoin adoption rates are still increasing for the general public.
As institutional investors continue to accumulate BTC using more traditional financial products, it is important to keep easy ways to access crypto open to the public – and this can lead to profits, Block financial data shows.
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