CashApp Users Bought $7.1 Billion in BTC Last Year

The Block company, founded by Jack Dorsey, who is a Bitcoin maximalist and dedicated himself to Bitcoin development by leaving his Twitter CEO, announced the figures for the 4th quarter of 2022.

The value of Bitcoin, which Block sold to its customers in the fourth quarter through CashApp, the payment application, was $ 1.83 billion, while this figure was announced as $ 7.11 billion for the whole year. The company made a gross profit of $156 million from Bitcoin sales in 2022. The decreases in crypto money prices caused the value of Bitcoin received through CashApp to be 29% lower than the same period last year. However, the Block company announced a total profit of $ 1.6 billion. This figure was 40% higher than last year.

It is also known that Jack Dorsey’s company invests in Bitcoin. The company also announced a loss of $ 9 million in the 4th quarter due to the price decrease in the Bitcoins it bought. The loss for the full year was 47 million dollars. “As of December 31, the fair value of Bitcoin owned by the company is $133 million,” the statement said.