Through Cash App, bitcoins worth $2.4 billion were sold in the second quarter
Date: 2023-08-07 Author: Karina Ziganova Categories: BLOCKCHAIN, CRYPTO PAYMENTS
Payment company Block, Inc. announced that Bitcoin sales on its Cash App platform in the second quarter of 2023 grew by almost 34% compared to the same period last year and reached $2.4 billion.
The report says that the gross profit from the sale of bitcoins was $44 million, which is an increase of 7% compared to last year. The company noted that its customers are actively increasing purchases of digital assets despite price cuts.
The firm also disclosed information about its investment in the first cryptocurrency:
“As of June 30, 2023, the fair value of our bitcoin investment was $245 million based on market prices.”
Total net revenue in the second quarter of 2023 was $5.53 billion, up 26% from the first. Gross profit was $1.87 billion, up 27% from the previous year.
