- Square said it sold $34.1 million in bitcoin in the first quarter.
- But it spent $33.9 million to purchase the cryptocurrency, so its adjusted revenue from bitcoin was just $200,000.
- Square, headed by Twitter co-founder Jack Dorsey, launched bitcoin trading through its Cash mobile payments app in January.
However, the company spent $33.9 million to buy bitcoin to allow people to trade it through its Cash mobile payments app. As a result, adjusted revenue from bitcoin was just $200,000.
On Wednesday, the company reported total net revenue of $669 million for the first quarter, a 45 percent increase from the prior year, and earnings per share of 6 cents that met expectations. However, shares tumbled 6 percent in extended trading on disappointing earnings guidance.
Bitcoin tumbled 50 percent in the first quarter to $6,926, according to CoinDesk. The cryptocurrency had recovered to near $9,100 Wednesday.