According to Square’s earnings report, Bitcoin-related business generated about 5 percent of overall revenue, amounting to $34.1 mln. However, the amount of profit from Bitcoin barely covered the funds spent to acquire it in the first place. Profits totaled around $200,000 or about 0.6 percent of the $33.9 mln spent.
Square’s Cash App, which allows instant fiat transactions and cash-outs, introduced a Bitcoin buy/sell option for selected users in November 2017. It officially launched Bitcoin trading support on Jan. 31, just a week before Bitcoin dipped near $6,800 on Feb. 5.