Block posts $2.2 billion in bitcoin sales for the quarter

In the first quarter of 2023, Block’s revenue (formerly Square) from selling bitcoin through the Cash App amounted to $2.16 billion. The operations yielded gross profit of $50 million.

Compared with the comparable period in 2022, metrics rose by 27.2% and 16.3%, respectively.

In October–December, revenue from the sale of the first cryptocurrency$1.8 billion.

“The improvement in year-over-year dynamics was driven by the increase in the number of bitcoins sold, which offset the decline in its market price,” the shareholder letter said.

Block’s total revenue for the first quarter amounted to $4.99 billion. The company posted a net loss of $19.3 million, with gross profit of $1.71 billion.

The company did not revalue the acquired bitcoins. As of March 31, the position in the first cryptocurrency was valued at $229 million. The figure was $126 million above the carrying value of the investments after accounting for accumulated impairment losses.

In October 2022, Cash App gained the ability to send and receive bitcoin via the micro-payments network Lightning Network.