Compared to the previous year, the bitcoin revenue increased 119% while gross profit rose124%.
Block Inc., formerly SquareInc., released its Q4 2021 earnings report Thursday. The report includes the performance of Cash App, the firm’s mobile payment platform that allows users to trade bitcoin.
The company stated:
Cash App generated $1.96billion of bitcoin revenue and $46 million of bitcoin gross profit during the fourth quarter of 2021, up 12% and 14% year over year, respectively.
Block explained: “Bitcoinrevenue is the total sale amount of bitcoin to customers. Bitcoin costs are the total amount of bitcoin that we purchase.” This means Block’s version of bitcoin revenue is simply its trading volume.
The CEO of cryptocurrency exchange FTX, Sam Bankman-Fried, has urged Block to clear the confusion. He tweeted Thursday: “Hey guys please stop calling this ‘revenue.’ It’s volume.”He clarified that Block had about $2 billion of trading volume and charged about 2% on it, making around $40 million in profit.
The Jack Dorsey-led company is holding some BTC on its balance sheet, with him sharing its vision on a large scale as being portrayed in their website and among his tweets.
