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Block Inc., formerly Square Inc., on Thursday released its Q4 2021 earnings report. Included were the numbers of its popular mobile payment platform Cash App, which offers users the trading of cryptocurrencies.
The company announced:
“Cash App generated $1.96 billion of bitcoin revenue and $46 million of bitcoin gross profit during the fourth quarter of 2021, up 12% and 14% year over year, respectively.
Compared to the third quarter of 2021, bitcoin revenue and gross profit increased on a quarter-over-quarter basis, driven primarily by increased volatility in the price of bitcoin, which affected trading activity compared to the prior quarter.”
“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 the report, Block explains that its mention of Bitcoin revenue is actually its trading volume, stating that “Bitcoin revenue is the total sale amount of bitcoin to customers. Bitcoin costs are the total amount of bitcoin that we purchase.”
This was also something that got picked up by crypto exchange FTX’ CEO Sam Bankman-Fried on Twitter, where he asked to avoid spreading misinformation.
Hey guys please stop calling this “revenue”. It’s volume.
They had $2b of volume, and charged ~2% on it, making around $40m of profit.https://t.co/iQ8fqMwSta
— SBF (@SBF_FTX) February 24, 2022
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Author: Peter Siu