Jack Dorsey’s Square Reports $65M In Bitcoin Revenue
Jack Dorsey’s mobile payments company, Square, has reported an impressive $65.5 million in bitcoin revenue this quarter, an-time high. The information was revealed in a letter to shareholders.
The Q1 2019 shareholders letter describes the revenue generated from Square’s services, the net revenue of which has grown by 43%. It also highlights the launch of the Square Online Store, Square Invoices, and Square Stand, and Square Reader.
The total net revenue for Q1 2019 is $959 million, while net income for the quarter stands at a loss of $38 million. The total profits gained from bitcoin transactions were roughly $830,000, as the total bitcoin costs amounted to roughly $64.7 million.
Square lets users buy bitcoin through its Cash app, which is functional in all 50 states of North America.