According to the company’s report, during the fourth quarter of last year through Block Cash App Bitcoins were sold for $1.92 billion, and profit from commissions from the sale of BTC amounted to $46 million. Recall that in Q3 bitcoin sales amounted to $1.82 billion, and profit – $42 million.
The company’s total revenue for the fourth quarter reached $1.18 billion, and for the full year 2021 – $4.42 billion. For the year, the figure increased by 62%. At the same time, net income for the fourth quarter was only $77 million, and for the full year – $166 million. Accordingly, the company has significant operating expenses.
The results were also affected by the $29 billion acquisition of Afterpay, an Australian payments company.
“On January 31, we completed the acquisition of Afterpay. We believe this integration will help grow our Cash App offerings, increase connectivity across our ecosystem and provide quality financial products and services to consumers and merchants,” the company said in a statement.
In early February, the Cash App received Level 2 solution support for the Bitcoin Lightning Network. Users will now be able to transfer BTC and pay bills easier, faster and cheaper.