Block, the firm behind Cash App, reported that it generated $1.73 billion worth of bitcoin sales through the app during Q1 2022.
The $1.5B worth of sales generated $43 million in bitcoin gross profit, according to firm’s latest shareholder letter.
Block wrote in the letter:
“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.
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.”
Overall, Cash App reeled in $2.46 billion of revenue and $624 million of gross profit during Q1. Block reported a total net revenue of $3.96 billion – a 22% year-over-year increase.
Source: Block Shareholder Letter 1Q22
During Q4 2021, Cash App brought in $1.96 billion worth of Bitcoin sales, and $46 million in gross profits from BTC.
