In the first quarter of 2022, Block (formerly Square) sold $1.73 billion in bitcoin through Cash App, generating a gross profit of $43 million for the payments company.

Compared to the same period in 2021, the figures are down 51% and 42% respectively, according to the letter sent to shareholders.

“The year-over-year decline in Bitcoin revenue and gross profit is primarily due to the relative price stability of the cryptocurrency, which affects consumer demand and trading activities,” Block said.

The company added that results are generally in line with those in the fourth quarter. In the last three months of 2021, the firm sold digital gold of $1.96 billion for a profit of $46 million.

Block’s combined revenue for the first quarter was $3.96 billion The firm posted a net loss of $204 million despite reporting a gross profit of $1.29 billion.

In January, the company completed the acquisition of Australian installment service Afterpay. During the reporting period, platform Block generated $65 million in revenue and $46 million in profit.

Against the backdrop of the release of the financial results, the company’s shares at pre-market prices rose approximately 7%. However, the papers are trading at levels that are almost three times the maximum in the last 12 months.

Recall that in April Cash App offered the function to automatically convert part of direct deposits to bitcoin.