Square, the payments company run by Twitter co-founder Jack Dorsey, has reported a significant increase in revenue from its Bitcoin trading business during the first quarter of the year.
Record Bitcoin sales and profit
According to Square’s first-quarter financial report, the company recorded just over $959 million in total net revenue in the first three months of the year. Bitcoin sales accounted for $65.5 million of that revenue, which was a new record for the company’s nascent crypto business. The previous record, set in Q4 2018, was $52.4 million.
Meanwhile, the company’s Bitcoin costs also rose to $64.7 million, meaning that the Bitcoin operation’s profit was only about $800,000. Still, this was also higher that the Q4 result of around $500,000.
Square made Bitcoin trading available to US users of its Cash mobile payments app in February of last year, after several months of limited beta period. The new business generated just over $34 million in revenue in that quarter, while incurring nearly $34 million of Bitcoin…