Square, the mobile payment services provider founded by Twitter CEO Jack Dorsey, says that it sold $178,000,000 of Bitcoin (BTC) in the last quarter of 2019.
In a shareholder letter released on Wednesday, Square reports that nearly half of the revenue the company generated from its Cash App between November 1st and December 31st is from sales of the leading cryptocurrency.
The company says its profit from Bitcoin sales during the period is $3 million, an increase of $1.31 million compared to the last quarter of 2018.
“In the fourth quarter of 2019, total net revenue for Cash App was $361 million, up 147% year over year, and gross profit was $144 million, up 104% year over year.
Excluding bitcoin, Cash App revenue was $183 million, up 96% year over year.”
Square started offering Bitcoin buying and selling to Cash App users in the United States in August of 2018.
The company’s Bitcoin revenue from the Cash App for the third quarter of that year was just $43 million.
In September of 2019, Square redesigned its platform interface to help users discover other services. The updated app doubled the number of first-time Bitcoin buyers on the platform.
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