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Square Made $34.1 Million In Q1 Revenue Through Bitcoin Sales

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Digital payments firm Square reports that total bitcoin revenue for the first quarter was $34 million, which amounts to nearly five percent of the firm’s $669 million in total net revenue. However, the report notes that this figure is calculated from the total sale amount of bitcoin to customers and does not account for the costs the firm incurred when purchasing the coins on their customers’ behalf. When adjusted to account for those costs, Square reports that it earned just $200,000 from bitcoin trading during the quarter — or less than 0.07 percent of the firm’s $304 million in adjusted revenue.

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