{"id":65391,"date":"2022-08-05T15:40:05","date_gmt":"2022-08-05T12:40:05","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=65391"},"modified":"2025-09-06T19:39:09","modified_gmt":"2025-09-06T16:39:09","slug":"block-posts-1-79-billion-from-bitcoin-sales-in-the-quarter","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/block-posts-1-79-billion-from-bitcoin-sales-in-the-quarter\/","title":{"rendered":"Block posts $1.79 billion from bitcoin sales in the quarter"},"content":{"rendered":"<p>In the second quarter of 2022, Block (<a href=\\\"https:\/\/forklog.news\/square-smenit-nazvanie-na-block-kompaniya-sfokusiruetsya-na-blokchejn-proektah\/\\\">formerly Square<\/a>) revenue from bitcoin sales through the Cash App <a href=\\\"https:\/\/investors.block.xyz\/financials\/quarterly-results\/default.aspx\\\">amounted to<\/a> $1.79 billion. The operations generated gross profit of $41 million for the payments company.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Compared with <a href=\\\"https:\/\/forklog.news\/square-vtroe-uvelichila-pribyl-ot-prodazhi-bitkoina\/\\\">the same period<\/a> in 2021, the metrics fell by 34.2% and 25.4%, respectively.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p><em>\u201cThe slowdown in momentum is primarily due to a decline in consumer demand and bitcoin prices, partly linked to broader uncertainty around digital assets,\u201d<\/em> \u2014 the company explained.<\/p>\n<\/blockquote>\n<p>\\n\\n\\n\\n<\/p>\n<p>Block&#8217;s total revenue for the second quarter was $4.4 billion. The firm posted a net loss of $208 million with gross profit of $1.47 billion.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>The company recorded impairment of acquired bitcoins of $36 million. The value of the investment in the first cryptocurrency as of June 30 was $160 million, up $47 million from the post-revaluation figure.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<figure class=\\\"wp-block-image size-large\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" width=\\\"1024\\\" height=\\\"585\\\" src=\\\"https:\/\/forklog.com\/wp-content\/uploads\/1-707-1024x585.png\\\" alt=\\\"Block posts $1.79 billion from bitcoin sales in the quarter\\\" class=\\\"wp-image-181064\\\" srcset=\\\"https:\/\/forklog.com\/wp-content\/uploads\/1-707-1024x585.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/1-707-300x171.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/1-707-768x438.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/1-707.png 1205w\\\" sizes=\\\"auto, (max-width: 1024px) 100vw, 1024px\\\" \/><figcaption>The Block.<\/figcaption><\/figure>\n<p>\\n\\n\\n\\n<\/p>\n<p>In April, Cash App <a href=\\\"https:\/\/forklog.news\/v-cash-app-poyavilis-funktsii-avtoinvestirovaniya-v-bitkoin\/\\\">introduced a feature<\/a> that automatically converts part of direct deposits into bitcoin.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Earlier, ARK Invest&#8217;s Kathy Wood sold PayPal shares, citing greater confidence in Block&#8217;s app for buying cryptocurrencies.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Before this, Block CEO Jack Dorsey repeatedly stated his aim to make digital gold the \u201cnative currency of the Internet\u201d.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Read ForkLog&#8217;s bitcoin news in our <a href=\\\"\/\/telegram.me\/forklog\\\"\u201d\\\" target=\\\"\u201c_blank\u201d\\\" rel=\\\"\u201cnofollow\u201d noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the second quarter of 2022, Block&#8217;s (formerly Square) revenue from bitcoin sales through the Cash App amounted to $1.79 billion. The operations generated gross profit of $41 million for the payments company.<\/p>\n","protected":false},"author":1,"featured_media":65392,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1533,1534],"class_list":["post-65391","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cash-app","tag-square"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/65391","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=65391"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/65391\/revisions"}],"predecessor-version":[{"id":65393,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/65391\/revisions\/65393"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/65392"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=65391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=65391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=65391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}