Square, the payment processing company recently divulged that it sold up to $34.1 million in Bitcoin in the first quarter. It should, however, be noted that the company spent $33.9 million in buying bitcoin to make it possible for people to trade it through its cash mobile payment app. Based on this therefore, adjusted revenue from Bitcoin totaled just $200,000. Under the leadership of Jack Dorsey, the Twitter co-founder, Square started trading in cryptocurrency via the cash app at the beginning of this year.
The Devil Is in the Detail
There was a report on Wednesday with a total net revenue of $669 million for the first quarter. This represented an increase of about 45 percent compared to the previous year. The 6 cents earning per share also met expectations.
The start of the year has not been easy for Bitcoin after it dropped by well over 50 percent compared to how it was fairing at the end of last year. The first quarter has seen it trade at $6,926 as per Coindesk. However, it has since gained ground gradually, to now trade at $9,100.
What do you think about how Square has performed in the first quarter of its trade? Let us know your thoughts in the comments section below.