Sq. (SQ) hasn’t escaped the volatility in bitcoin this 12 months by any means.
The funds platform — which permits the shopping for and promoting of bitcoin by way of its Money App — mentioned Monday its second quarter bitcoin income clocked in at $2.72 billion. That is a 23% drop from the primary quarter. Gross revenue from Sq.’s bitcoin enterprise tallied $55 million, down $20 million from the primary quarter. Yr-to-date Sq. has been pressured to take $65 million in impairments associated to its bitcoin holdings.
The muted second quarter for Sq.’s bitcoin enterprise — and subsequent valuation impairments