Square Brought in Over $166 Million Through Bitcoin Sales Last Year
Yogita Khatri's original article for www.coindesk.com reduced by 56%
Mobile payments firm Square has reported over $166 million in revenue from bitcoin sales last year. While bitcoin sales brought in precisely $166,517,000, the cost of purchasing the cryptocurrency for the year was about $165 million. That left the firm with a net profit from bitcoin sales of 1.69 million.
Looking at Square's quarterly figures, the bitcoin business was notably better in the second half of last year. Specifically, the firm took $95 million in bitcoin revenues in the second half, compared with about $71 million in the first half. Profit for the second half was $1.047 million, and was $643,000 in H1.
The firm further disclosed that the carrying value of bitcoin held by the firm was $0.2 million as of Dec. 31, 2018. Loss on bitcoin for the year 2018 was "Insignificant..
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Summarised crypto news.