Square Reported That It Sold $34 million of Bitcoin in First Quarter

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Square, a payments processing company, said that it was able to sell a total of $34.1 million worth of bitcoin during the first quarter of this year.

However, the company spent $33.9 million to purchase bitcoin to enable people to trade it using its Cash mobile payments app. As a result, the adjusted revenue from the selling of bitcoins was only $200,000.

Square is headed by Jack Dorsey, the co-founder of Twitter. The company launched trading in the cryptocurrency via the Cash app last January.

On Wednesday, the company reported a total net revenue amounting $669 million for the first quarter of this year. It is an increase of 45 percent from the previous year and earnings per share amounting to 6 cents that was able to meet the expectations. However, the shares of the company fell by 6 percent in the extended trading on disappointing earnings guidance.

According to CoinDesk, Bitcoin dropped by 50 percent during the first quarter of 2018 to $6,926. However, on Wednesday, the largest cryptocurrency in the world had been able to recover to almost $9,100.