The Rise of Bitcoin Revenue at Square

In the latest financial revelations, Square, the innovative U.S. financial services firm, announced an impressive $43 million in Bitcoin revenue for the third quarter of 2018. This figure marks a $6 million growth compared to the previous quarter, indicating a healthy upward trend in cryptocurrency dealings.

Breaking Down Total Earnings

Square’s total net revenue surged to $882 million, a solid 51% increase year over year. To put it into perspective, the Bitcoin revenue, while eye-catching, accounted for a mere 5% of the total revenue. When isolating Bitcoin’s contribution, the non-Bitcoin revenue stood at $839 million, showcasing a robust growth of 43% year over year.

Market Position and CEO Influence

The financial landscape is turbulent, yet Square managed to notch up a significant milestone by surpassing Twitter’s market cap. Both companies are under the leadership of Jack Dorsey, and this achievement reflects Square’s strategic positioning and innovative services in an evolving technology-driven economy.

The Profit Picture

However, before you start imagining Square’s Bitcoin operations as a gold mine, it’s important to look at the profit margins. After accounting for the costs associated with purchasing Bitcoin, the company reported a mere profit of around $500,000. So, while Bitcoin is considerable for Square, it’s still more of a niche aspect compared to their larger income streams.

Future Prospects and Innovations

Square’s forward momentum doesn’t seem to be slowing down. The company has recently open-sourced its cold storage setup, and it’s busy strategizing on how to broaden its cryptocurrency presence. There’s also buzz surrounding the new Square Terminal launched for merchants to accept credit and debit card payments. Speculations are alive regarding the potential integration of Bitcoin as a payment solution for businesses, although official confirmation lies on the horizon.