{"id":78367,"date":"2023-05-05T15:26:24","date_gmt":"2023-05-05T12:26:24","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=78367"},"modified":"2025-09-11T04:38:23","modified_gmt":"2025-09-11T01:38:23","slug":"block-posts-2-2-billion-in-bitcoin-sales-for-the-quarter","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/block-posts-2-2-billion-in-bitcoin-sales-for-the-quarter\/","title":{"rendered":"Block posts $2.2 billion in bitcoin sales for the quarter"},"content":{"rendered":"

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

Compared with the comparable period<\/a> in 2022, metrics rose by 27.2% and 16.3%, respectively.<\/p>\n

In October\u2013December, revenue from the sale of the first cryptocurrency$1.8 billion<\/a>.<\/p>\n

\n

\u201cThe 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,\u201d<\/em> the shareholder letter said.<\/p>\n<\/blockquote>\n

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.<\/p>\n

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.<\/p>\n

\"image-261\"
Data: The Block.<\/figcaption><\/figure>\n

In October 2022, Cash App gained the ability<\/a> to send and receive bitcoin via the micro-payments network Lightning Network<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

In the first quarter of 2023, Block’s revenue (formerly Square) from bitcoin sales via the Cash App amounted to $2.16 billion. The operations yielded gross profit of $50 million.<\/p>\n","protected":false},"author":1,"featured_media":78368,"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-78367","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":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78367","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=78367"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78367\/revisions"}],"predecessor-version":[{"id":78369,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78367\/revisions\/78369"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/78368"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=78367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=78367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=78367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}