Altcoin News: Square Payment Platform, Founded by Twitter CEO Jack Dorsey, Sold Bitcoins in Excess of $166 Million in 2018

February 28, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The Square payment platform, founded by Twitter CEO Jack Dorsey, sold Bitcoins in excess of $166 million in 2018, evidenced by the company ‘s financial statements prepared for the United States Securities and Exchange Commission (SEC) and presented on Wednesday.

It is noteworthy that sales in the fourth quarter grew noticeably and amounted to $52 million, surpassing the third quarter figures by $9 million and $15 million of the second. In the first half of the year, the total value of sold Bitcoins was $71 million, in the second half — $95 million.

Square’s net profit from trading in Bitcoin, however, remains low, since the majority of the stated amount was spent on the purchase of cryptocurrency — $1.69 million respectively.

As of December 31, 2018, the book value of Bitcoins held in Square accounts was $0.2 million.