The mobile payments firm Square, owned by the Twitter CEO and billionaire Jack Dorsey, has recently reported over $166 million in revenue coming from the sale of Bitcoin over the past year – something that is in the headlines on our DC Forecasts crypto news site today.
The company filed its financial results for the last quarter of 2018 with the US Securities and Exchange Commission (SEC) this Wednesday, in which it disclosed that it had earned around $3.3 billion last year, 5% of which came from the cryptocurrency buying service through the Cash App.
The Bitcoin sales raked in precisely $166,517,000 and the cost of purchasing the dominant cryptocurrency for the year was about $165 million, leaving the firm with a net profit of Bitcoin sales of $1.69 million.
Square’s quarterly figures that the Bitcoin business was a lot better in the second half of last year, making up to $95 million in BTC revenues in the second half which is way better than the $71 million in the first half of the year.
The firm also disclosed that the carrying value of Bitcoin held by it was $0.2 million as of December 31st 2018, stating that they assess the carrying value at each reporting data and record an impairment charge if the value exceeds the fair value.
Square introduced its customers to Bitcoin buying in November 2017 in some states only, expanding the facility to all 50 US states. The firm also received a “BitLicense” from the New York Department of Financial Services (NYDFS) In June 2018, allowing it to offer other cryptocurrency services within the country.
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