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Financial technology company PayPal recently disclosed its cryptocurrency holdings in a quarterly reportfiled 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 companys previous quarter where PayPal disclosed $604 million.

PayPals reported total financial liabilities for this quarter were $1.2 billion, with crypto assets making up 77.9% up more than 10% from 2022s reported fourth quarter liabilities.

Related:PayPal crypto partner Paxos raises $300M

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:

Custody of the assets PayPal holds on behalf of its customers remains limited to third-party holding companies. PayPal recognizes that this presents a liability for customers in the event that third parties are unable to process transactions a statement carried over from last quarters filing however, the filing also indicates that no such fault has yet occurred:

The Q1 2023 cryptocurrency asset breakdown for PayPal includes $499 million in Bitcoin (BTC) (up from Decembers $291 million), $362 million in Ether (ETH) (up from $250 million), and $82 million composed of Bitcoin Cash (BCH) and Litecoin (LTC) (up from $63 million).

PayPals 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, PayPals per-share earnings were $1.17, up from $0.88 in the first quarter of 2022.

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PayPals crypto holdings increased by 56% in Q1 2023 to nearly $1B - Cointelegraph