Block Inc. CFO Amrita Ahuja believes Bitcoin can become an open protocol that will power the Internet.
She argues that it will allow money to travel at internet speeds, allowing it to cross jurisdictions with much higher efficiency. Ahuja Share This perspective is when talking about CNBC today, following the company's second quarter revenue report.
She said the fintech giant has been making disciplined investments in Bitcoin for years, spanning purchase/sell products, self-reliance services and mining initiatives. The company plans to deploy new mining chips later this year to democratize its mining ecosystem.
In particular, Block Inc. is one of the leading public companies that own Bitcoin on its balance sheet. The company currently owns 8,584 BTC, worth $1 billion.
Strong Q2 results
Beyond Bitcoin, Block posted a strong second quarter. Total profit margin reached 14% from 9% in the first quarter to 14% in the second quarter, achieving a 22% adjusted operating profit margin.
“We outperformed our gross profit guidance and achieved our highest ever quarterly adjusted operating profit margin at 22%.” Ahuja said.
In particular, sharing has risen as the company rose its outlook for the second half of the year following this performance. Ahuja attributed momentum to faster product rollouts across the square and cash app ecosystem.
She highlighted innovations such as the new Square Handheld device, Square Seller's Bitcoin payment options, and new cash app features such as TAP for corporate payments.
Expanding the Cash App ecosystem using BTC
The CFO also highlighted that the Cash app has evolved far beyond its peer-to-peer roots. Specifically, it currently processes $218 billion in payments and employs 26 million debit card users each month.
The commerce platform processes $183 billion a year, up 16% year-on-year. Meanwhile, its banking services currently reach 8 million customers and generate $250 per user annual revenue.
Importantly, Bitcoin remains a core growth pillar, with 8 million customers buying and selling BTC through the app.
