Bitcoin Trading Nets Square $37 Million in Q2 2018

Bitcoin Trading Nets Square $37 Million in Q2 2018

Square has announced earnings of $37 million for the second quarter of 2018 on its peer-to-peer mobile money app, Square Cash. However, even though some of its financial results exceeded expectations, the company still made a net loss of $6 million across the business.

Steadily Increasing Bitcoin Trading Revenue

Based on the second quarter performance report released by Square, Bitcoin trading revenue is steadily increasing. However, despite this increase, the company barely made a profit on BTC trading in Q2 2018. Square incurred $36,596,000 as the operational cost on BTC trading meaning the company made less than a profit of $1 million on Bitcoin trading.

While the BTC trading feature on the Cash app is still in its early stages, critics have been quick to point out the lack of returns as a potential problem for the company.

In May 2018, the company announced that it traded $34.1 million worth of BTC in the first four months of the year. Square, however, made a profit of $200,000 because it spent $33.9 million purchasing the BTC sold in that period.

A large percentage of Squares operational cost for BTC trading stems from the amount of money spent in pursuing the swath of state and federal licenses required to legally trade cryptocurrency in the United States. Recently, the company became the seventh recipient of the notoriously difficult to obtain New York state BitLicense for trading cryptocurrencies in the state.

Square Share Price Boosted by Cryptocurrency Involvement

Despite the seemingly slow pace of growth from an earnings perspective, Squares foray into the cryptocurrency space hasnt been without its positives. Over the last twelve months, the companys share price has increased by more than 200 percent.

The Square Cash app has also become one of the most popular mobile financial applications in the United States. Recently, it was revealed that the app had outstripped PayPals Venmo growth by as much as 300 percent.

Square CEO, Jack Dorsey, is a big believer in Bitcoin. Earlier in the year, he declared that he believed Bitcoin is the likeliest candidate for a single global currency within the next decade.

Do you think Squares earnings from Bitcoin trading will increase once all the necessary state and federal licenses have been obtained? Let us know in the comment section below.

Image courtesy of Square and Tradingview.

The post Bitcoin Trading Nets Square $37 Million in Q2 2018 appeared first on

02.08.2018 / 18:10 62
$37 Million of Bitcoin Revenue Helps Square Accelerate Growth in Q2 $37 Million of Bitcoin Revenue Helps
Square has reported its Q2 2018 financial results, revealing that $37 million of Bitcoin-related revenue helped the company accelerate its growth
Heres How much Revenue Square Earned from Bitcoin Trading in Q1 2018 Heres How much Revenue Square Earned
Digital payments firm Square published its first-quarter earnings report this week, providing insight into how much revenue the company has raised
Square Books Small Profit for First Quarter of Bitcoin Sales Square Books Small Profit for First
Digital payments startup Square made more than $34 million in revenue in the first quarter from cryptocurrency purchases. In a 10-Q filing submitted
Square Traded $34.1M in Bitcoin in Its First 4 Months Square Traded $34.1M in Bitcoin in Its
Payments network Square has revealed its customers bought over $34 million of bitcoin in the first 4 months of being available. Square Balances Books
Bitcoin Boosting Square Earnings Bitcoin Boosting Square Earnings
Since Square, Inc. added Bitcoin trading capabilities to its payment app, the value of its stocks has increased spectacularly. Dan Dolev, an analyst
$19 Billion Squares Market Cap Surges 15% Due to its Bitcoin Venture $19 Billion Squares Market Cap Surges
Companies venturing into Bitcoin trading are taking a big risk. This largely unregulated market remains subject to a lot of volatility. For Square,
Comments (0)
Add a comment
Comment on