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."