Block Nets $1.18B While Coinbase Revenue Crosses $2.5B in Q4 ’21

Key Insights

  • Block’s overall revenue crossed $1.18 billion while its Bitcoin revenue for the year almost hit $2 billion
  • Coinbase, on the other hand, witnessed a year on year growth of 676%, with revenue touching $4 billion
  • Bitcoin played a significant role in both the companies’ revenue this year

While the world dabbles about the merits and demerits of cryptocurrencies, crypto companies continue to provide solid answers. Bitcoin-based revenue of both the companies exceeded expectations in the last quarter of 2021

Bitcoin in the Block

Block (previously Square) and Coinbase posted their fourth quarter’s financial report for 2021. CashApp, the payment service from Block, managed to rake in a gross profit of $518 million which marked a 37% year-on-year increase.

On the other hand, the Cash Card witnessed over 13 million actives in December, which accounted for 30% of their monthly 44 million transacting active base.

This revenue added to the company’s overall gross profit of $4.4 billion for the entire year, significantly higher than the 2020s $2.73 billion marking a 62% YoY increase.

CashApp, on the other hand, registered a gross profit of $2.07 billion, 69% higher than the previous year’s $1.23 billion.

Block also stated that Bitcoin revenue almost touched $2 billion in the fourth quarter and crossed $10 billion in the entire year, significantly growing from the previous year’s $4.5 billion.

Bitcoin revenue in 2021 for Block | Source: Block

The entire crypto market’s performance in 2021 | Source: TradingView

Nevertheless, even at $2.185 trillion, the market registered a 193.23% ($1.44 trillion) rise in 2021.

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