Block Received $2.2B Through Bitcoin Sales in Q1 2023

In the first quarter of 2023, Block (formerly Square) saw a 27.2% YoY increase in Bitcoin sales through the Cash App, amounting to $2.16 billion, and a 16.3% increase in gross profits, totaling $50 million.

This offset the decline in the market price of bitcoin and was driven by an increase in the number of bitcoins traded.

The company’s overall revenue for the first quarter was $4.99 billion, with a net loss of $19.3 million on a gross profit of $1.71 billion.

As of March 31, the position in BTC was valued at $229 million, which was $126 million higher than the carrying value after taking into account accumulated impairment losses.

This growth in value was made possible by Cash App users being able to send and receive bitcoin through the Lightning Network micropayment network since October 2022.