Block, formerly known as Square, reported $1.92 billion worth of bitcoin sales in Q4 2021. The indicator exceeded the results of the III quarter, but did not reach the results of the II quarter.
According to the company’s report, in the fourth quarter of last year, $1.92 billion worth of bitcoins were sold through the Block Cash App, and the profit from commissions from the sale of BTC amounted to $46 million. Recall that in the third quarter, the volume of bitcoin sales amounted to $1.82 billion, and the profit was $42. million
The company’s total revenue for the fourth quarter reached $1.18 billion, and for the entire 2021 – $4.42 billion. Over the year, the figure increased by 62%. At the same time, net profit for the fourth quarter amounted to only $77 million, and for the full year – $166 million. Accordingly, the company has significant operating expenses.
The results were also affected by the acquisition of the Australian payment company Afterpay, the amount of which amounted to $29 billion.
“On January 31, we completed the acquisition of Afterpay. We believe this integration will help grow our Cash App offerings, increase connectivity across our ecosystems, and deliver quality financial products and services to consumers and merchants,” the company said in a report.
In early February, the Cash App received support for a second layer solution for the Bitcoin Lightning Network. Users will now be able to transfer BTC and pay bills easier, faster and cheaper.
Source: Bits
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