Square, financial services, merchant services aggregator and mobile payment company which is based in San Francisco, California has reported a huge revenue from bitcoin in 2018. According to the firm, it generated more than $166 million from bitcoin sales.
Square recently filed its accounts with the US SEC yesterday (27th February 2019) which disclosed its revenue of over $3.3 billion in 2018. Out of this, more than $166 million (5%) is said to be generated from the selling of bitcoin through the company owned Cash App.
Profit Generated by Square:
According to the reports, Square had purchased bitcoin worth $165 million and sold the same for $166.517 million which made them a net profit of around $1.69 million.
The reports also revealed that the sales we more during the 2nd half of 2018 in comparison to the 1st half. The revenue during the 1st half was around $71 million and profit was around $643,000, however, in the 2nd half, the revenue was around $95 million which resulted in a profit of around $1.047 million. Also, it was revealed that the bitcoin carrying value of Square was around $0.2 million as of 31st December 2018.
The Cash App by Square was limited to a few number of users in the United States earlier in 2017. However, as the company later received a ‘Bitlicense’ from the New York Department of Financial Services, Square expanded its business to all the states in the United States, its revenue through bitcoin sales saw a massive increase.