May 1, 2019
Square Payment Solutions Provider presented a financial report for the first quarter of 2019, according to which Jack Dorsey’s company achieved significant growth in Bitcoin sales through its Cash App.
Thus, according to the consolidated report on financial performance, which was not yet audited, Square’s revenues from Bitcoin sales amounted to $ 65.5 million during the period. At the same time, the company’s expenses for this position amounted to $ 64.7 million, which allowed it to make a profit at a rate of about $ 832,000.
These figures were a record for Square for the entire existence of the company. So, in the fourth quarter of 2018, its income from sales of Bitcoin amounted to $ 52.4 million, revenues – $ 490,000. This is about 80% growth.
In general, in 2018, Square sold cryptocurrencies for $ 166.5 million.
It should be noted, however, that Bitcoin remains a niche product for the company. For comparison, Square’s total transaction income in the first quarter of 2019 was $ 656 million.