Block reports $1.96 billion in bitcoin revenue via Cash App during fourth quarter of 2021

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  • Payments company Block, formerly known as Square, said Thursday that it made $1.96 billion in bitcoin revenue during the fourth quarter of 2021 via its Cash App, producing $46 million in gross profits from bitcoin.
  • Block said Cash App generated just over $10 billion in bitcoin revenue for 2021, representing $218 million in bitcoin gross profit.

Cash App brought in $1.96 billion worth of bitcoin revenue during 2021’s final quarter, according to a Thursday earnings report from Block.

From that figure, Cash App saw $46 million in bitcoin gross profit during the period.

“Bitcoin revenue and gross profit benefited from year-over-year increases in the price of bitcoin and number of bitcoin actives,” the firm explained. “Compared to the third quarter of 2021, bitcoin revenue and gross profit increased on a quarte-rover-quarter basis, driven primarily by increased volatility in the price of bitcoin, which affected trading activity compared to the prior quarter.”

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The firm also beat out its overall performance for the year compared to 2021:

“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. In future quarters, bitcoin revenue and gross profit may fluctuate as a result of changes in customer demand or the market price of bitcoin, particularly as we lap strong growth rates on a year-over-year basis in the first quarter of 2021.

Cash App generated $4.57 billion in bitcoin revenue during 2020, as previously reported.

This report is breaking and will be updated with new information.

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