Square Reports Its First-Quarter Earnings, Reveals Strong Growth in Bitcoin Sales

Square, a payments company, published its first-quarter earnings on May 1, showing a robust increase in bitcoin sales through its Cash app.

Twitter co-founder Jack Dorsey founded Square. The company reported $65.5 million in bitcoin revenue for the Q1 of this year. In an unaudited quarterly report, bitcoin costs are listed at $64.7 million, giving a bitcoin profit of around $832,000.

These figures top former all-time highs for the company. In the Q4 of last year, it witnessed $52.4 million in bitcoin revenue, while profit was $490,000.

Bitcoin profits in the first quarter of this year show an 80 percent increase compared to the previous quarter. For the entire 2018, Square published $166 million in bitcoin sales.

Bitcoin, however, still remains a niche product for the company. According to the report, transaction-based revenue in the first quarter topped $656 million.

Square sells bitcoin via Cash app, a service that was made available to all 50 U.S. states in August last year.