Cash App Reported $1.73 Billion of Bitcoin Revenue In The First Quarter of 2022

Cash App Reported $1.73 Billion of Bitcoin Revenue

Block announced on Thursday that it made $1.73 billion in bitcoin sales through Cash App during the first quarter of 2022.

According to the shareholder letter published after the market closed, these sales earned $43 million in bitcoin gross profit during that time period.

“Cash App generated $1.73 billion of bitcoin revenue and $43 million of bitcoin gross profit during the first quarter of 2022, down 51% and 42% year over year, respectively. On a two-year CAGR basis, bitcoin revenue and gross profit grew 138% and 155%, respectively,” Block said in its shareholder letter, adding:

“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.”

During the first quarter, Cash App generated $2.46 billion in sales and $624 million in gross profit. Block reported total net revenue of $3.96 billion, a 22% growth year over year.

Cash App made $1.96 billion in bitcoin sales in the fourth quarter of 2021, generating $46 million in gross revenues from bitcoin. When broken down by year, the firm’s 2021 haul was just over $10 billion in bitcoin sales, generating $218 million in gross profit.

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