Startups • November 8, 2018, 8:41AM EST
Published 1 hour earlier on
UPDATED: November 8, 2018, 8:14AM EST

Square's Q3 Bitcoin revenue increased by $6 million

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The Block

Square reported Q3 2018 earnings on November 8, and the company's Bitcoin sales continued to increase. During the quarter, Square generated $43 million in revenue from Bitcoin and a profit of $500,000. Square now allows customers in all 50 states to buy and sell Bitcoin via the company's Cash App.

The revenue figure represented nearly 5% of the company's total revenue. Bitcoin continues to be the only cryptocurrency that Square allows its customers to buy and sell. The company has offered no indication that it plans to expand to additional cryptocurrencies in the future. (Source: Square Q3 2018 Shareholder Letter)