It was in the course of this week that Square Inc (NYSE:SQ) published its first-quarter earnings report. Most of those following the matter expected the digital payments firm to give an insight into the bitcoin trading platform that was unveiled recently. They hoped it would disclose the amount of revenue that was generated as a result.

The first time that the company unleashed bitcoin trading was in the previous year and that was done to a limited number of Cash App users.

Performance

In its first quarter, Square reported that its total bitcoin revenue stood at $34 million. Critics have stepped forward to claim the calculation of the figure did not account for the overall costs that the firm incurred that it took to buying the coins on behalf of various customers.

Pressure was exerted on the firm to uncover the actual costs and it was at that point that it went public to announce that it earned $200,000 from bitcoin trading in the quarter. Over the years, the firm has generated its money by making bets against various overvalued stocks.

Focus into the future

An official familiar with the the latest developments made a statement outlining that the roll out took place in the course of a bearish period in the cryptocurrency market. As a result, trading volume has declined by a significant margin across the board following the exit of causal investors from the ecosystem.

What the future brings still remains a mystery despite the various projections being made at the moment. But it is crucial to outline that at this point Square’s Cash App is already enjoying a significant user base. There is great need to gain more exposure to bitcoin and that has much to do with whether or not the bitcoin price enters another bull cycle.