Block received $1.79 billion from bitcoin sales in the quarter
- August 5, 2022
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In the second quarter of 2022, Block (formerly Square) sold $1.79 billion in bitcoin through Cash App, generating a gross profit of $41 million for the payments company.
In the second quarter of 2022, Block (formerly Square) sold $1.79 billion in bitcoin through Cash App, generating a gross profit of $41 million for the payments company.
Compared to the same period in 2021, the figures fell by 34.2% and 25.4%, respectively.
“The weak momentum is primarily driven by lower consumer demand and bitcoin prices, partly related to broader uncertainty regarding digital assets.” – disclosed in the company.
Block’s combined revenue for the second quarter was $4.4 billion, while the firm posted a net loss of $208 million on a gross profit of $1.47 billion.
As of June 30, the value of investments in the initial cryptocurrency was estimated at $160 million, which is $47 million higher than the figure after revaluation.
Recall that in April Cash App offered the function to automatically convert part of direct deposits to bitcoin.
Earlier, ARK Invest Kathy Wood got rid of PayPal shares and explained this move with more confidence in the prospects of her application to buy cryptocurrencies from Block.
Prior to that, the company’s president, Jack Dorsey, has repeatedly expressed his desire to make digital gold “the local currency of the Internet.”
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Source: Fork Log
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