Square nets over $166 million from Bitcoin sales in 2018
- Square netted over $166 million in Bitcoin sales last year and sold $52 million worth of the cryptocurrency in the fourth quarter of 2018 alone.
- However, they spent $165 million purchasing BTC which left them with a net profit of $1.69 million from Bitcoin sales.
Square, the mobile payments firm, filed their financial results for Q4 2018 with the U.S. Securities and Exchange Commission (SEC). According to the report, Square netted $3.3 billion last year, of which a little over $166 million came from Bitcoin sales. However, Square spent $165 million purchasing Bitcoins which left them with a net profit of $1.69 million from bitcoin sales. The reports also revealed that in Q4 they sold $52 million worth of Bitcoins which is $9 million more than Q3 and $15 million more than Q2.
Jack Dorsey, CEO of Square and Twitter, told CNBC in a statement:
“People are utilizing the money they have in Cash App with friends, families, and landlords, causing another download, and another, into the network….For the year ahead we continue to focus on three things and we will continue to strengthen our omnichannel offering. That means that we add strength to in-person payments, to mobile payments and also to online. We’re really excited about everything we’re doing in financial services.”
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
