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Jack Dorsey's Square reports Q1 bitcoin revenue grew 1,000% to $3.5 billion - and is the 3rd-largest corporate holder of the cryptocurrency
Square reported first-quarter earnings that beat analyst estimates on Thursday, powered by surging demand for bitcoin. Quarterly revenue from bitcoin grew eleven times to $3.5 billion, from $306 million a year ago, the company said in a shareholder letter. But gross profit from these transactions were only $75 million, or about 2% of bitcoin revenue, making up Square's fee generation from sales.