Fintech firm Block (SQ) reported $1.83 billion in bitcoin (BTC) revenue in its Cash App unit during the fourth quarter, down 7% year-over-year but higher than the $1.76 billion reported in the third quarter. Block reports the total sale amount of bitcoin to customers as revenue.
Cash App generated $35 million in bitcoin gross profit in the quarter, down 25% from the year earlier and slightly less than the $37 million reported in the third quarter.
The year-over-year decline in bitcoin revenue and gross profit was driven by the fall in the price of bitcoin, Block said in its quarterly shareholder letter Thursday.
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