Square’s Shareholder Letter Shows $43 Million in BTC Revenue For Q3 2018
Square maintains a regular level of communication between themselves and their users with regular letters to shareholders for every quarter. In the most recent letter from the third quarter this year, the company let their shareholder know that they managed to accrue $43 million in Bitcoin revenue. The letter was published on November 8th.
Everything that happened recently is broken down into an easily understood document, starting with the highlight so far. Considering that Square has modified their protocols to make it possible for all 50 states to use their Cash App for Bitcoin purchases and sales, it should not be a surprise that they reached $500,00 in profit.
The substantial numbers are impressive on their own already, but they are even more so when it is revealed that it only accounts for 5% of the total revenue. Square exclusively allows users to purchase and sell Bitcoin. Though they offer the same services for traditional funds, they have revealed no intent to allow users to have access to other crypto assets on their website.
In the letter, Square notes,
“In the third quarter of 2018, we continued to drive strong revenue growth at scale. Total net revenue was $882 million, up 51% year over year, and Adjusted Revenue was $431 million, up 68% year over year. Excluding the acquisitions of Weebly and Zesty, total net revenue and Adjusted Revenue grew 46% and 56% year over year, respectively, which represents an acceleration compare to the prior quarter.”
Square was recently featured in the media for surpassing the market cap of Twitter, which was even more notable because Jack Dorsey is CEO of both. The crypto platform has continued to progress, offering open-source cold storage last month to multiple jurisdictions. They have also established Square Terminal to let merchants accept card payments, leading some to believe that this step is only preceding the integration of Bitcoin with merchants. However, these rumors have yet to be confirmed or denied.