Block reports $1.96 billion in bitcoin sales via Cash App during fourth quarter of 2021
Quick Take
- Payments company Block, formerly known as Square, said Thursday that it made $1.96 billion in bitcoin sales during the fourth quarter of 2021 via its Cash App, producing $46 million in gross profits from bitcoin.
- Block said Cash App generated just over $10 billion in bitcoin sales for 2021, representing $218 million in bitcoin gross profit.
Cash App brought in $1.96 billion worth of bitcoin sales during 2021's final quarter, according to a Thursday earnings report from Block.
From that figure, Cash App saw $46 million in bitcoin gross profit during the period.
"Bitcoin revenue and gross profit benefited from year-over-year increases in the price of bitcoin and number of bitcoin actives," the firm explained. "Compared to the third quarter of 2021, bitcoin revenue and gross profit increased on a quarte-rover-quarter basis, driven primarily by increased volatility in the price of bitcoin, which affected trading activity compared to the prior quarter."
The firm also beat out its overall performance for the year compared to 2021:
"For the full year of 2021, Cash App generated $10.01 billion of bitcoin revenue and $218 million of bitcoin gross profit, up 119% and 124% year over year, respectively. In future quarters, bitcoin revenue and gross profit may fluctuate as a result of changes in customer demand or the market price of bitcoin, particularly as we lap strong growth rates on a year-over-year basis in the first quarter of 2021.
Cash App generated $4.57 billion in bitcoin sales during 2020, as previously reported.
This report is breaking and will be updated with new information.
Headline and report copy updated for clarity.
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