Share this article
Block Tops Q4 Estimates, Posts Nearly $2B in Bitcoin Transactions
The payments firm formerly known as Square took note of a slowdown in business in January due to the Omicron variant, but a growth recovery thus far in February.
By Brandy Betz
Updated May 11, 2023, 5:15 p.m. Published Feb 24, 2022, 10:34 p.m.
Fintech and digital payments giant Block reported better-than-expected 2021 fourth quarter results after the market closed on Thursday.
- Total revenue was $4.08 billion, up 29% year-over-year, narrowly topping the $4.04 billion analyst consensus. Excluding bitcoin, revenue totaled $2.12 billion, up 51% on the prior year. Adjusted EPS was $0.27 versus the $0.19 estimate.
- The peer-to-peer payment service Cash App, which allows users to directly buy and sell bitcoin, generated $1.96 billion of bitcoin transactions and $46 million of gross profit in Q4, up 12% and 14% year over year, respectively. For perspective, total company gross profit for Q4 was $1.18 billion.
- Of the $220 million of bitcoin put on the company balance sheet in late 2020 and early 2021, Block didn’t book an impairment loss in Q4, leaving the full year impairment charge at $71 million, and carrying value at $149 million. As of year's end, the fair value of the bitcoin investment was $371 million, or $222 million greater than the carrying value.
- Square announced its Block rebranding in December to reflect the company’s expansion beyond its roots of processing payments to sellers. On the crypto front, Block currently allows the approximately 70 million users of its Cash App to buy and sell bitcoin. The company is also building a decentralized bitcoin exchange and funding bitcoin developer projects.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Anthony Pompliano's Bitcoin Treasury Firm ProCap BTC Closes SPAC Merger Deal
Shares in the company fell more than 50% this week as the merger approval went forward.
What to know:
- Anthony Pompliano-led ProCap BTC closed its SPAC merger on Friday.
- This year's crop of quickly-formed bitcoin treasury companies have plunged in value, and BRR fell more than 50% this week as its merger went forward.
- Pompliano attempted to address investor concerns over management and board compensation.
Top Stories
