Jack Dorsey’s Block hits $1.3B in Q1 profits, $43M in BTC trading revenue

Block, the pro-Bitcoin (BTC) umbrella institution that hosts Cash App, Square and Afterpay, continues its maturation successful 2022. According to its Shareholder letter, successful the archetypal 4th of 2022, gross profits are “up 34% twelvemonth implicit year.”

In total, the radical netted $1.29 cardinal successful gross profits. However, operating costs were besides up “$1.52 cardinal successful the archetypal 4th of 2022, up 70% twelvemonth implicit year.”  The radical explains that the acquisition of Afterpay, a bargain present wage aboriginal service, could explicate the expanding costs.

In full nett Block’s revenues reached $3.96 cardinal from January to March 2022, down 22% compared to 2022. The radical confirms that the driblet was “driven by a alteration successful Bitcoin revenue.”

Cash App, Block’s Bitcoin retail outlet arsenic good arsenic a mobile outgo service, continued to merchantability Satoshis, though the figures are less promising than the erstwhile quarter:

"Cash App generated $1.73 cardinal of Bitcoin gross and $43 cardinal of Bitcoin gross nett during the archetypal 4th of 2022, down 51% and 42% twelvemonth implicit year, respectively".

In airy of Bitcoin prices struggling to interruption $30,000 in 4th two, the radical volition instrumentality encouragement from an summation successful non-Bitcoin revenues successful 4th one. On the march by 44$ twelvemonth connected year, to $2.23 billion, the Block ecosystem which besides includes Tidal and the radical TBD is not wholly babelike connected crypto marketplace performance.  

Plus, the Square ecosystem of outgo solutions for merchants, including constituent of merchantability devices, has performed well. It delivered a "gross nett of $661 million, an summation of 41% twelvemonth implicit year.”

Related: FTX CEO sees nary aboriginal successful Bitcoin payments, assemblage fires back

The quarterly study made 81 mentions of Bitcoin and zero of cryptocurrency, holding existent to Jack Dorsey’s Bitcoin-maxi credentials. Furthermore, the study states that implicit 10 cardinal Cash App accounts person bought Bitcoin. Cash App does not connection the acquisition of fashionable cryptocurrencies specified arsenic Ethereum (ETH) oregon Dogecoin (DOGE). 

In April, it was announced that its customers successful the United States could automatically put a information of their nonstop deposit paychecks into Bitcoin utilizing Cash App, oregon that their “direct deposits” would automatically convert, says the report.