Square Inc (NYSE:SQ) Goes Green on Bitcoin (BTC) Buzz

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Square Inc (NYSE:SQ) stock ran up 7% Thursday morning after a report revealed Bitcoin (BTC) brought in 37 million USD to the financial management company. Recently the stock lost some value after a lukewarm earnings report with earnings per share only slightly above estimates, falling from a high of 79 USD to the earlier 65 USD level. There is a marked level of excitement that comes to the news but it comes with a slight catch.

Square Inc (NYSE:S) Goes Green 

The profit wrought from Bitcoin (BTC) was small, but there was a profit. Earlier in the year, when Square Inc (NYSE:SQ) was implementing Bitcoin, it cost them around 36.6 million USD, with 37 million in revenues specifically from Bitcoin (BTC) it looks like Square Inc (NYSE:SQ) has only made out with some 420,000 USD.

This may cause a few investors to rethink their buy but it isn't negative news if you were to ask me. I would have expected them to barely break even at best with such a new implementation in the midst of a bear market for cryptocurrencies. I believe most thought that to be the case. When the company does turn a profit on this endeavor in such a short period of time, no matter how insignificant it may seem now, it does illustrate a strong case for the future. At this point, the implementation is covered, priced in and investors are looking for future Bitcoin (BTC) revenue projections.

Is Square Inc (NYSE:S) Pushing Monetization of Bitcoin (BTC)?

Square Inc (NYSE:SQ) net total net revenue is up 48% over the year, 815 million dollars, Bitcoin (BTC) is only a small part of this and Square representatives have acknowledged this fact. Chief Financial Officer, Sarah Friar, making comments on the Cash apps Bitcoin (BTC) implementation was quoted as saying, "It's not a major monetization engine. The goal is to continue to drive utility in the Cash App" and "We're not trying to push on the monetization of bitcoin today."

To the contrary Square Inc (NYSE:SQ) CEO, Jack Dorsey is famously a Bitcoin (BTC) bull making price predictions with the best of them. It seems he sees a potential in this for the future but still maintains an air of caution, his company's attitude reflecting that philosophy. Something is there and they are taking it slow, rather than trying to force a market that just isn't there yet. 

Square Inc (NYSE:SQ) shares are currently trading a little over 71 USD.  So far the gains are being held steadily but there could be some short-term selling. If the past year of performance is any indicator and dips in the price will be brief. Square Inc (NYSE:SQ) shares started the year trading at 25 USD and further growth is expected, even if the buzz and price hike from the latest news fades in the short-term.

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