Square’s Q1 2019 Puts Up Impressive Revenue for Bitcoin of Nearly $66 Million, Profits Not as Lucrative

Square is a payment platform that was developed by the same creator of Twitter, Jack Dorsey, and the man has a specific interest in cryptocurrency. The payment platform sells Bitcoin on the Square Cash app, and the recent sales in the first quarter has remained high. However, in a letter to shareholders, the company explained that the actual revenue from these sales was not as impressing.

In the first quarter, Square shows $65.5 million in Bitcoin revenue, but that victory is lessened by the $64.7 million in Bitcoin costs revealed in the unaudited quarterly report. Essentially, that leaves the company with $832,000 of Bitcoin profit.

The numbers are nothing to scoff at, as these numbers mark the top all-time highs that were previously reported by Square, considering that there was $52.4 million in Bitcoin revenue. The amount of profit last quarter was just over half of what was made in this quarter at $490,000.

At this point, Bitcoin is still new to Square’s payment platform, so there is plenty of room to grow right now.

The opportunity to purchase Bitcoin only was added to the available assets on the platform in February last year.

Since the entirety of their mobile services are hosted on a network of merchants and assets, any participating merchant will optimally be able to accept Bitcoin for payment from clients.

Nearly two months ago, CEO Jack Dorsey let the public know that Square was looking for crypto engineers, which they would pay in Bitcoin.

He explained that paying in Bitcoin is his way of helping “to make the broader crypto ecosystem better” by contributing to the whole of the community. To view the full newsletter, visit here.

Bitcoin’s price is $38,046.42 BTC/USD exchange rate today. The real-time BTC market cap of $714.06 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $25.8 Billion and live coin value change of BTC -1.72 in the last 24 hours.

Live Bitcoin (BTC) Price:

1 BTC/USD =$38,046.4213 change ~ -1.72%

Coin Market Cap

$714.06 Billion

24 Hour Volume

$25.8 Billion

24 Hour VWAP

$38.62 K

24 Hour Change


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