As memecoins continue to generate sparks of attention across the crypto world, hand-in-hand with macroeconomic conditions arguably in the favor of major cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH), Cashapp generated more than $2 billion in revenue from Bitcoin in the first quarter of 2023.

Block, known for its flagship mobile application for monetary transfers Cash App has reported a colossal revenue of $2.16 billion in Bitcoin, which measures the total sales of the cryptocurrency to customers. This behemothic figure was up 18% from $1.83 billion in the fourth quarter of 2022 and represents a 25% upside from the figures of Q1 last year.

Established by Twitter co-founder Jack Dorsey, crypto-enthusiast Block continues to bask in glory as cryptocurrency activity picks up pace, which in-turn strengthens the company’s robust fundamentals and future prospects. In the first fiscal quarter of 2023, the company beat analyst expectations for earnings per share by 5 cents from the 35 cents expected, with quarterly revenue also rising 26% year-over-year.

This may has in fact represented some relief to its stock which suffered a 25% hit in March after the release of a rather daunting report by Hindenburg Research which highlighted Block’s ‘fraud facilitation’ and ‘inflated metrics’.

Sources:

https://cointelegraph.com/news/cash-app-bitcoin-revenue-tops-2-billion-in-the-first-quarter

https://cointelegraph.com/news/hindenburg-research-reports-block-short-position-claiming-fraud-facilitation-and-inflated-metrics

https://decrypt.co/138999/jack-dorseys-cash-app-posts-2-16b-in-bitcoin-revenue-for-q1-2023/