JUST IN: Block reports $1.73 billion in bitcoin sales via Cash App during Q1 2022 by mpmcsweeney
During that period, these sales generated $43 million of bitcoin gross profit.
“The year-over-year decrease in bitcoin revenue and gross profit was driven primarily by relative stability in the price of bitcoin during the quarter, which affected consumer demand and trading activity compared to the prior year period,” the company said.Block, formerly known as Square, said Thursday that it generated $1.73 billion worth of bitcoin sales via Cash App during 2022's first quarter.shareholder letter"Cash App generated $1.
"The year-over-year decrease in bitcoin revenue and gross profit was driven primarily by relative stability in the price of bitcoin during the quarter, which affected consumer demand and trading activity compared to the prior year period. Bitcoin revenue and gross profit were relatively consistent compared to the fourth quarter of 2021. In future quarters, bitcoin revenue and gross profit may fluctuate as a result of changes in customer demand or the market price of bitcoin.
Cash App brought in $2.46 billion of revenue and $624 million of gross profit during this first quarter. , Cash App brought in $1.96 billion worth of bitcoin sales, producing $46 million in gross profits from bitcoin. Broken out annually, the firm's 2021 haul came in at just over $10 billion in bitcoin sales, representing $218 million in gross profit in that category.This story will be updated with additional information.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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