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