Square claims to have sold $34 million Bitcoin in Q1, but has only made $200,000 from it

Square claims to have sold $34.1 million in Bitcoin during 2018’s first quarter, though money spend purchasing the cryptocurrency significantly lessens the profit.

The company spent around $33.9 million on the Bitcoin, and so that leaves it with just $200,000 in profit. Still, that’s but a mere drop in the ocean, with the net revenue for the company after the first three months of the year sitting at $669 million.

That’s a 45 per cent increase year on year, while meanwhile Bitcoin’s value fell by around half to $6,926 (though it has since seen a recovery).

Crypto trading through Square’s Cash app was launched by Twitter co-founder Jack Dorsey in January. The company said:

“[Customers] can now buy and sell Bitcoin in Cash App. We observed that this was a feature our customers wanted, and we support Bitcoin because we see it as a step in the long-term path toward greater financial access for all.”

Last month, we reported that Bitcoin Support on the Cash app helped to boost stocks for the payments platform ahead of the earnings report.