- The mobile payment service Cash App is a popular platform for buying and selling Bitcoin.
- Cash App’s additional features include stock investing and a debit card.
According to a letter sent to shareholders on Thursday, Block reported a 16% rise year-over-year in Bitcoin gross profit to $50 million in the first quarter of 2023 due to an increase in Bitcoin sales to clients.
Block said that it had received $2.16 billion in Bitcoin sales income, an increase of 25% year over year Block’s Cash App division generated $1.83 billion in Bitcoin revenue in the company’s recent financial report.
More Bitcoin Sales
Jack Dorsey, co-founder of Twitter, also started a payment processing startup called Block (previously Square). Especially among younger users and those who prefer conducting financial transactions on their mobile devices, the mobile payment service Cash App is a popular platform for buying and selling Bitcoin.
The company stated:
“The year-over-year increase in Bitcoin revenue and gross profit was driven by an increase in the quantity of Bitcoin sold to customers, partially offset by a decrease in the market price of Bitcoin compared to the prior-year period.”
Users can send and receive money from other Cash App users by linking their bank account, credit card, or debit card to their Cash App account. Cash App’s additional features include stock investing and a debit card that may be used to spend Cash App funds at merchants or withdraw cash from ATMs.
After investing a total of $220 million in Bitcoin and other cryptocurrencies in the fourth quarter of 2020 and the first quarter of 2021, the business did not record an impairment loss on its Bitcoin holdings in the first quarter of 2021, as disclosed in its most recent financial report. Block spent $50 million and $170 million on Bitcoin at the time.