Square’s Bitcoin Revenue Jumped to $65.5 Million in Q1, Its Highest Ever

Payments company Square reported its first-quarter earnings today, revealing strong growth in bitcoin sales through its Cash app.

Founded by Twitter co-founder Jack Dorsey, Square reported $65.5 million in bitcoin revenue for the first quarter of 2019. Bitcoin costs, however, are listed at $64.7 million in the unaudited quarterly report, for a bitcoin profit of roughly $832,000.

Those figures top previous all-time highs for Square: The fourth quarter of 2018 saw $52.4 million in bitcoin revenue and $490,000 in profit.

Bitcoin profits in Q1 2019 represent an 80 percent gain over the prior quarter. For all of 2018, the company reported $166 million in bitcoin sales.

Still, bitcoin remains a niche product for Square. Transaction-based revenue in Q1 topped $656 million, according to the report.

The company sells bitcoin to users through its Cash app, a service that expanded to all 50 U.S. states in August 2018.

Jack Dorsey image via CoinDesk archives