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Jerund t1_j9u83dc wrote

I think same revenue for 2021 to 2022 is big. In 2021, btc was trading at the peak of 60k a coin. Lots of revenues from that. Now btc in 2022 dropped to as low as 18k at one point and less people trading it. Yet their revenue was consistent. Their core business is growing and factor in after pay acquisition. I see long term potential

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computerblue754 t1_j9ub6vu wrote

Why is btc a big part of the business when it drives like a 4% margin? Btc revenue was $7.1bn and btc costs were $7.0bn in 2022. The btc business is literally nothing for them.

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Jerund t1_j9ubwrw wrote

They invested a lot into btc before the 2020 period and when the value of it increased, they had to report that as income. Think the reporting rules changed under trumps administration. That’s why you have companies like Berkshire report big gains and then big losses. During the btc peak area. They also kinda double down on btc. So when btc drop, they also took a hit.

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computerblue754 t1_j9ud2d3 wrote

Are we looking at the same income statement in op’s post? There is no income aside from the transaction fee for handling the trade.

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Jerund t1_j9ue032 wrote

What I said earlier was from another source that I read months ago. But speaking back to the income statement posted. You see bitcoin revenue dropped from 10B in 2021 to 7B in 2022. Yes cost for bitcoin also decreased, but for overall growth of revenue, you see it stayed the same for 2021 to 2022. Assuming btc trading didn’t decrease, their revenue for 2022 would be an extra of almost 3 billion dollars.

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