Cash App Sold $2.16 Billion Worth of Bitcoin in Q1, Up By 25% Year Over Year
Block delivered strong growth and profitability at scale during the Q1 of 2023. Gross profit grew 32% year over year to $1.71 billion, according to the company's Q1 2023 Shareholder Letter.
- "Cash App generated gross profit of $931 million, up 49% year over year, and Square generated gross profit of $770 million, up 16% year over year."
- "Cash App Card has continued to expand its reach and engagement: In March, there were 20 million monthly Cash App Card actives, up 34% year over year, with average spend per active increasing as well."
- "Bitcoin gross profit was $50 million in the first quarter of 2023, up 16% year over year. The total sale amount of bitcoin sold to customers, which we recognize as bitcoin revenue, was $2.16 billion, up 25% year over year. Bitcoin gross profit was 2% of bitcoin revenue."
- "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 Inc., posted a rise in Q1 revenue despite the broader economic downturn prompted by rising interest rates, as well as targeted hit piece by short seller Hinderburg Research, against which the company said it would be seeking legal action.
