Cash App’s Bitcoin Revenue Grew 119% in 2021, Gross Profit From BTC Rose 124%
Popular cellular fee platform Cash App, developed by Jack Dorsey’s Block Inc., generated $10 billion in bitcoin income and $218 million in bitcoin gross revenue in 2021. Compared to the earlier 12 months, the bitcoin income elevated 119% whereas gross revenue rose 124%.
Cash App’s Bitcoin Business
Block Inc., previously Square Inc., launched its This autumn 2021 earnings report Thursday. The report contains the efficiency of Cash App, the agency’s cellular fee platform that permits customers to commerce bitcoin.
The firm acknowledged:
Cash App generated $1.96 billion of bitcoin income and $46 million of bitcoin gross revenue through the fourth quarter of 2021, up 12% and 14% 12 months over 12 months, respectively.
“Compared to the third quarter of 2021, bitcoin income and gross revenue elevated on a quarter-over-quarter foundation, pushed primarily by elevated volatility within the value of bitcoin, which affected buying and selling exercise in comparison with the prior quarter,” Block detailed, including:
For the total 12 months of 2021, Cash App generated $10.01 billion of bitcoin income and $218 million of bitcoin gross revenue, up 119% and 124% 12 months over 12 months, respectively.
Block defined: “Bitcoin income is the overall sale quantity of bitcoin to prospects. Bitcoin prices are the overall quantity of bitcoin that we buy.” This means Block’s model of bitcoin income is solely its buying and selling quantity.
The CEO of cryptocurrency alternate FTX, Sam Bankman-Fried, has urged Block to clear the confusion. He tweeted Thursday: “Hey guys please cease calling this ‘income.’ It’s quantity.” He clarified that Block had about $2 billion of buying and selling quantity and charged about 2% on it, making round $40 million in revenue.
The Jack Dorsey-led firm is holding some BTC on its steadiness sheet. “In the fourth quarter of 2020 and first quarter of 2021, we invested $50 million and $170 million, respectively, in bitcoin,” the corporate famous.
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