In Q1 2023, PayPal’s cryptocurrency holdings increased by 56% to almost $1B, with the majority being made up of BTC and ETH. Due to the risks involved with cryptocurrencies, the company views its crypto assets as a “safeguarding liability”.
The specific cryptocurrencies still being held are the same. PayPal manages customer cryptocurrency holdings, but only through third-party holding firms. The breakdown of cryptocurrency assets for Q1 2023 shows that Bitcoin accounts for $499 million, Ether for $362 million, and Bitcoin Cash and Litecoin for $82 million. In the first quarter, PayPal’s profitability increased with non-GAAP earnings per share of $0.70 and $1.17.
PayPal’s crypto holdings increased by 56% in Q1 2023 to nearly $1B
