Square nets over $166 million from Bitcoin sales in 2018

• Square netted over $166 million in Bitcoin sales last year and sold $52 million worth of the cryptocurrency in the fourth quarter of 2018 alone.
• However, they spent $165 million purchasing BTC which left them with a net profit of $1.69 million from Bitcoin sales.

Square, the mobile payments firm, filed their financial results for Q4 2018 with the U.S. Securities and Exchange Commission (SEC). According to the report, Square netted $3.3 billion last year, of which a little over $166 million came from Bitcoin sales. However, Square spent $165 million purchasing Bitcoins which left them with a net profit of $1.69 million from bitcoin sales. The reports also revealed that in Q4 they sold $52 million worth of Bitcoins which is $9 million more than Q3 and $15 million more than Q2.

Jack Dorsey, CEO of Square and Twitter, told CNBC in a statement:

“People are utilizing the money they have in Cash App with friends, families, and landlords, causing another download, and another, into the network”¦.For the year ahead we continue to focus on three things and we will continue to strengthen our omnichannel offering. That means that we add strength to in-person payments, to mobile payments and also to online. We’re really excited about everything we’re doing in financial services.”