Jack Dorsey's Square has reported a 200% increase in Bitcoin (BTC) revenue for the second quarter year-on-twelvemonth (YoY).

The company announced the impressive earnings figures in its 2nd-quarter shareholder letter on Sunday. In the report, Foursquare revealed its total gross profit grew 91% YoY to $i.xiv billion.

Bitcoin services drove $2.72 billion in acquirement for the app, with a gross turn a profit of $55 million and respective increases of 210% and 223%, respectively, year-on-yr. Cash App generated a gross profit of $546 1000000 overall, up 94% YoY.

"Bitcoin revenue and gross profit benefited from twelvemonth-over-year increases in the toll of bitcoin and bitcoin activities, and growth in customer demand."

However, compared to the first quarter of this year, Bitcoin revenue and gross profit decreased and are down 22.3% from three.five billion.

Square attributed the weaker operation to the more than than l% retracement suffered by the broader crypto markets during May and June.

Square as well reported an impairment loss of $45 one thousand thousand on the Bitcoin it holds. As Tesla holds its Bitcoin as an "intangible asset," bookkeeping rules require the firm to study an impairment loss when the asset's price drops beneath its cost ground. Foursquare is besides not required to study increases in the value of its intangible asset holdings until the position is realized through a sale.

Co-ordinate to Bitcoin Treasuries, Square currently holds 8,027 BTC worth an estimated $320 million at the fourth dimension of writing.

Related: Square doubles downwardly on Bitcoin, investing another $170M

Foursquare recently bought 3,318 BTC in February for $170 million, adding to its initial purchase of 4,709 BTC in October 2022.

On Friday, Cointelegraph reported that mobile software house MicroStrategy pledged to purchase more BTC despite an impairment loss of $425 one thousand thousand on its Bitcoin stash for Q2. Tesla also reported an impairment loss of $23 one thousand thousand for the quarter.