Financial technology company PayPal recently disclosed its cryptocurrency holdings in a quarterly report filed to the United States Securities and Exchange Commission.
Claiming a combined total of $943 million in cryptocurrency assets as of March 31, 2023, the filing shows a 56% increase over the company’s previous quarter where PayPal disclosed $604 million.
PayPal’s reported total financial liabilities for this quarter were $1.2 billion, with crypto assets making up 77.9% — up more than 10% from 2022’s reported fourth quarter liabilities.
According to the report, PayPal considers its crypto assets a safeguarding liability due to the unique risks associated with cryptocurrencies. The disclosure also indicates that the specific cryptocurrencies held by the company remain unchanged since last quarter.
PayPal’s profitability also increased in the first quarter. On a generally accepted accounting principles (GAAP) basis, the company disclosed per-share earnings of $0.70, up from $0.43 in the first quarter of 2022. On a non-GAAP basis, PayPal’s per-share earnings were $1.17, up from $0.88 in the first quarter of 2022.
