Cash App’s Bitcoin Revenue Grew 119% in 2021, Gross Profit From BTC Rose 124% – Exchanges Bitcoin News

Cash App’s Bitcoin Revenue Grew 119% in 2021, Profit Up 124%


Popular mobile payment platform Cash App, developed by Jack Dorsey’s Block Inc., generated $10 billion in bitcoin revenue and $218 million in bitcoin gross profit in 2021. Compared to the previous year, the bitcoin revenue increased 119% while gross profit rose 124%.

Cash App’s Bitcoin Business

Block Inc., formerly Square Inc., released its Q4 2021 earnings report Thursday. The report includes the performance of Cash App, the firm’s mobile payment platform that allows users to trade bitcoin.

The company stated:

Cash App generated $1.96 billion of bitcoin revenue and $46 million of bitcoin gross profit during the fourth quarter of 2021, up 12% and 14% year over year, respectively.

“Compared to the third quarter of 2021, bitcoin revenue and gross profit increased on a quarter-over-quarter basis, driven primarily by increased volatility in the price of bitcoin, which affected trading activity compared to the prior quarter,” Block detailed, adding:

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.

Block explained: “Bitcoin revenue is the total sale amount of bitcoin to customers. Bitcoin costs are the total amount of bitcoin that we purchase.” This means Block’s version of bitcoin revenue is simply its trading volume.

The CEO of cryptocurrency exchange FTX, Sam Bankman-Fried, has urged Block to clear the confusion. He tweeted Thursday: “Hey guys please stop calling this ‘revenue.’ It’s volume.” He clarified that Block had about $2 billion of trading volume and charged about 2% on it, making around $40 million in profit.

The Jack Dorsey-led company is holding some BTC on its balance sheet. “In the fourth quarter of 2020 and first quarter of 2021, we invested $50 million and $170 million, respectively, in bitcoin,” the company noted.

Tags in this story

bitcoin trading volume, block, block Bitcoin, Cash App, cash app bitcoin, cash app Bitcoin profit, cash app bitcoin revenue, cash app Bitcoin trading volume, ftx, Sam Bankman-Fried, Square, square bitcoin

What do you think about Cash App’s bitcoin business? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More Popular News

In Case You Missed It


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *