Block’s Q4 bitcoin revenue in its Cash App unit fell 7% year-over-year to $1.83 billion owing to the fall in the price of bitcoin, the company said. By NelWang
Fintech firm Block reported $1.83 billion in bitcoin revenue in its Cash App unit during the fourth quarter, down 7% year over year but higher than the $1.76 billion reported in the third quarter. Block reports the total sale amount of bitcoin to customers as revenue.
The year-over-year decline in bitcoin revenue and gross profit was driven by the fall in the price of bitcoin, Block said in its quarterlyFor the full year of 2022, Cash App generated $7.11 billion of bitcoin revenue and $156 million of bitcoin gross profit, down 29% and 28%, respectively, from the previous year.
As of Dec. 31, the fair value of Block's bitcoin investment was $133 million based on “observable market prices,” which was $30 million greater than the carrying value of the investment after impairment charges, the company noted.
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