Block's Cash App generated $50 million of Bitcoin gross profit in Q1 2023, up 16% YoY, thanks to an increase in the amount of Bitcoin sold to its customers. The total sale amount of Bitcoin sold to customers was $2.16 billion, up 25% YoY. The year-over-year increase in Bitcoin revenue and gross profit was driven by an increase in the quantity of Bitcoin sold to customers, partially offset by a decrease in the market price of Bitcoin compared to the prior-year period. Block, formerly known as Square, is a payments company that serves small and medium businesses, with mobile payment service Cash App being a popular tool for buying and selling Bitcoin, especially for younger users and those who prefer to conduct financial transactions on their mobile devices.

(By Andrew Asmakov)