Share this article
Square Brought in Over $166 Million Through Bitcoin Sales Last Year
Mobile payments firm Square has reported its revenue and profits from bitcoin sales in 2018.
Updated Sep 13, 2021, 8:56 a.m. Published Feb 28, 2019, 9:25 a.m.
Mobile payments firm Square has reported over $166 million in revenue from bitcoin sales last year.
The company filed its financial results for Q4 2018 with the U.S. Securities and Exchange Commission (SEC) on Wednesday, disclosing that it made overall net revenue of $3.3 billion last year, 5 percent of which came from the cryptocurrency buying service within its Cash App.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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 $200,000 as of Dec. 31, 2018. The firm said it assesses the carrying value at each reporting date and records an impairment charge if the carrying value exceeds the fair value. However, loss on bitcoin for the year 2018 was “insignificant.”
Square added bitcoin buying and selling option to its Cash App back in November 2017, initially only to a small number of users though. Later, in August 2018, the firm expanded the facility to all 50 U.S. states. The firm received a "BitLicense" from the New York Department of Financial Services (NYDFS) last June, that allowed it to offer crypto services in the state.
Bitcoin and dollars image via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
Top Stories
