Digital payments firm Square published its first-quarter earnings report this week, providing insight into how much revenue the company has raised from its recently-launched bitcoin trading platform. The company first rolled out bitcoin trading to a limited number of its Cash App users last year, and in January it unlocked the feature for the remainder of its user base.
Square — which acts as a broker between its users and cryptocurrency exchanges — does not charge commission, though it does profit from the spread between buy and sell prices. The company reports that total bitcoin revenue for the first quarter was $34 million, which amounts to nearly five percent of the firm’s $669 million in total net revenue. However, the report notes that this figure is calculated from the total sale amount of bitcoin to customers and does not account for the costs the firm incurred when purchasing the coins on their customers’ behalf.