Thanks to an increase in the amount of Bitcoin sold to its customers, Block’s Cash App generated $50 million of Bitcoin gross profit in the first quarter of 2023, up 16% year-over-year, the company said in a shareholder letter Thursday.

The total sale amount of Bitcoin sold to customers, which Block said it recognizes as Bitcoin revenue, was $2.16 billion, up 25% year-over-year.

In its previous earnings report Block reported $1.83 billion in Bitcoin revenue from the Cash App business.

According to the company, “the year-over-year increase in Bitcoin revenue and gross profit was driven by an increase in the quantity of Bitcoin sold to customers, partially offset by a decrease in the market price of Bitcoin compared to the prior-year period.”

Block, formerly known as Square, is a payments company founded by Twitter co-founder Jack Dorsey. It serves small and medium businesses, with mobile payment service Cash App being a popular tool for buying and selling Bitcoin, especially for younger users and those who prefer to conduct financial transactions on their mobile devices.

With Cash App, users c

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Author: Andrew Asmakov

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