Bitcoin, Cryptocurrency And Blockchain News

Square Double Bitcoin Sales Profits in Q2


In Square’s quarterly financial report, published on 1st August, indications were that the company is experiencing growing profit in terms of Bitcoin sales. When compared with Q1, which saw around $225,000 made as a profit from the sale of Bitcoin, Q2 reports $420,000 – almost double the profit from the previous quarter.

The increase in revenue across the board on Q1 (their overall net revenue was $814 million) continues an upward trend that has been almost completely fluid since the start of 2015. Indeed, Square’s stock has risen by 90% since the start of 2018 and while Bitcoin only turns a relatively modest profit, the gross revenue of $37 million is also greatly increased, with the company having repeatedly said that monetization of BTC is not the goal.

It’s fair to say that it’s been a good year for Jack Dorsey – also the owner of Twitter. Despite a shocking day last week, when Twitter’s share price fell by 20% in 24 hours, revenue is still up in Q2 from Q1 (although the massive drop happened outside the Q2 reporting window).

Meanwhile, Square have expanded their San Francisco office by over 25%, with room for an extra 500 employees. The 469,056 square-foot space is one of the largest in the city.