Square, a San Francisco-based mobile payment company founded by Jack Dorsey, the CEO of Twitter, revealed that it closed 2019 with a mind-boggling sale on Bitcoin (BTC). Notably, in the fourth quarter alone, Square sold around $178 million, a far cry from the third’s $43 million.
The news was disclosed via a shareholder letter, which was made public last Wednesday. According to the report, the mobile payment firm acquired almost half of its 2019 profit from Cash App. The significant boost in BTC sales notably ran from November 1 to December 31. During this period, Square recorded a profit of $3 million. This figure is $1.31 million higher compared to the 4th quarter of 2018.
As per the record, the cumulative revenue gained via Cash App in 2019 was around $361 million, accounting for a 147% increase compared to the previous year. Out of this figure, Square noted that they had $144 million in gross revenue. Meanwhile, without Bitcoin in the picture, the gross profit of Square sits at $183 million, a figure that accounts for a 96% increase year over year.
The report signifies a massive achievement as the company only started the BTC buy and sell service via Cash App in August 2018. According to analysts, this leap is the result of Square’s efforts in 2019. The mobile payment company decided to redesign its initial platform and also added valuable services, particularly those that involve the world’s leading cryptocurrency.