The mobile payments app Square (NYSE:SQ) has seen its profits from bitcoin sales double in the second quarter of this year.
The unaudited consolidated statements of operations, released in a letter to investors, show that the bitcoin revenue of Square for the three months that ended on June 30 amounted to a little over $37 million, up 8.5% from Q1’s $34.1 million.
At the same time, the bitcoin cost (the amounts Square pays to purchase bitcoin from private broker-dealers or from customers that fluctuates in line with the associated revenue) stood at nearly $36.6 million. This leaves Square with a relatively modest profit of around $400 000 from its bitcoin operat...
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