Funds firm Sq. reported its first-quarter earnings immediately, revealing robust development in bitcoin gross sales by means of its Money app.

Based by Twitter co-founder Jack Dorsey, Sq. reported $65.5 million in bitcoin income for the primary quarter of 2019. Bitcoin prices, nonetheless, are listed at $64.7 million within the unaudited quarterly report, for a bitcoin revenue of roughly $832,000.

These figures prime earlier all-time highs for Sq.: The fourth quarter of 2018 noticed $52.four million in bitcoin income and $490,000 in revenue.

Bitcoin income in Q1 2019 characterize an 80 p.c acquire over the prior quarter. For all of 2018, the corporate reported $166 million in bitcoin gross sales.

Nonetheless, bitcoin stays a distinct segment product for Sq.. Transaction-based income in Q1 topped $656 million, in keeping with the report.

The corporate sells bitcoin to customers by means of its Money app, a service that expanded to all 50 U.S. states in August 2018.

Jack Dorsey picture through CoinDesk archives



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