Block made $1,9 billion in the fourth quarter on bitcoin sales through the app

The increase in the price of the asset had a beneficial effect on income and gross profit

25.02.2022 - 15:15

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What’s new? In the fourth quarter of 2021, Jack Dorsey’s company Block sold $1,96 billion worth of bitcoins through the Cash App. Of this amount, the company made a gross profit of $46 million. This is according to Block’s earnings report.

Our Q4 and full-year 2021 earnings are now available. $SQ https://t.co/oGcnRuhvWV— Block Investor Relations (@BlockIR) February 24, 2022

What do the organization’s representatives say? The company explained that the increase in the price of the asset had a beneficial effect on the income from the sale of bitcoins and gross profit.

“Compared to the third quarter of 2021, bitcoin revenue and gross profit increased on a quarter-over-quarter basis, driven primarily by increased volatility in the price of ВТС, which affected trading activity compared to the prior quarter.”

What are the overall indicators? For the full year 2021, Cash App generated $17,6 billion from bitcoin trading and $218 million in gross profit. The company made a gross profit of $4,4 billion. In subsequent quarters, the first cryptocurrency profits may fluctuate depending on changes in its market value or customer demand.

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