Square Q1 Bitcoin profit topped a record $832,000

posted 6 months ago
Payments company Square reported its 1st quarter earnings today, revealing strong growth in Bitcoin sales through its Cash app, despite yearly lows in the price of Bitcoin. Founded by Twitter co-founder Jack Dorsey, Square reported $65.5 million in Bitcoin revenue and $64.7 million in expenses, for a profit of $832,000.

Those figures top previous all-time highs for Square as Q4 2018 netted $490,000 in profit. Bitcoin profits in Q1 2019 represent an 80% gain over the prior quarter. The company sells Bitcoin to users through its Cash app, a service that expanded to all 50 US states in August 2018.
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