Square’s Bitcoin Revenue Jumped to $65.5 Million in Q1, Its Greatest Ever
Those figures high preceding all-time drops to Square: The fourth quarter of 2018 saw $52.4 million in bitcoin revenue and $490,000 in earnings.
The business sells bitcoin to users through its Cash app, a service that expanded into all 50 U.S. states in August 2018.
Payments company Square reported its first-quarter earnings today, showing strong growth in bitcoin earnings through its Cash app.
Jack Dorsey image via CoinDesk archives
Launched by Twitter co-founder Jack Dorsey, Square reported $65.5 million in bitcoin revenue for its first quarter of 2019. Bitcoin outlays, however, are recorded in $64.7 million from the unaudited annual report, to get a bitcoin profit of roughly $832,000.
However, bitcoin remains a niche product for Square. $656 million was pay by revenue in Q1, according to the report.
Bitcoin profits in Q1 2019 represent an 80 percent gain over the prior quarter. For all of 2018, the business reported $166 million in bitcoin earnings.