Block Bitcoin Gross Profits Rise by 90%
According to the fourth quarter earnings report released by Jack Dorsey-led payments company Block, the firm’s Cash App had a gross profit of $66 million from sales of Bitcoin, an increase of 90% from the previous year.
This impressive growth was driven by the total amount of BTC sold to customers, which reached $2.5 billion in Q4, up 37% from last year.
Additionally, the full-year results showed similar growth, with Bitcoin revenue reaching $9.5 billion, a 34% increase from the prior year, and Bitcoin gross profit up 31% to $205 million.
According to Block CEO Jack Dorsey, Cash App’s goal is to become a leading provider of banking services for households in the US with annual incomes of up to $150,000.
Cash App allows users to easily transfer money through their mobile devices or computer browser. Through this platform, users can also purchase, sell, send, and receive Bitcoin using their linked cards or cash balances.
