In the first quarter of 2023, Block revenue (formerly Square) from selling bitcoin through the Cash App made up $2.16 billion. The operations generated a gross profit of $50 million for the payment company.
Compared to the same period in 2022, the figures increased by 27.2% and 16.3%, respectively.
In October-December, the proceeds from the sale of the first cryptocurrency amounted to $1.8 billion.
“YoY improvement driven by an increase in the number of bitcoins traded, offsetting a decline in its market price”, the letter to shareholders says.
Block’s combined revenue for the first quarter was $4.99 billion. The firm posted a net loss of $19.3 million on a gross profit of $1.71 billion.
The company did not revalue the purchased bitcoins. As of March 31, the position in the first cryptocurrency was valued at $229 million. The figure was $126 million higher than the carrying value of the investment after taking into account accumulated impairment losses.
Recall that in October 2022, Cash App users were able to send and receive bitcoin through the Lightning Network micropayment network.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
In the first quarter of 2023, Block revenue (formerly Square) from selling bitcoin through the Cash App made up $2.16 billion. The operations generated a gross profit of $50 million for the payment company.
Compared to the same period in 2022, the figures increased by 27.2% and 16.3%, respectively.
In October-December, the proceeds from the sale of the first cryptocurrency amounted to $1.8 billion.
“YoY improvement driven by an increase in the number of bitcoins traded, offsetting a decline in its market price”, the letter to shareholders says.
Block’s combined revenue for the first quarter was $4.99 billion. The firm posted a net loss of $19.3 million on a gross profit of $1.71 billion.
The company did not revalue the purchased bitcoins. As of March 31, the position in the first cryptocurrency was valued at $229 million. The figure was $126 million higher than the carrying value of the investment after taking into account accumulated impairment losses.
Recall that in October 2022, Cash App users were able to send and receive bitcoin through the Lightning Network micropayment network.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!