Financial technology company Block (SQ) said in a shareholder letter Thursday that its Cash App unit generated $2.16 billion in bitcoin revenue in the first quarter, up 18 percent from $1.83 billion in the fourth quarter and up 25 percent from the first quarter of 2022, with Block taking total bitcoin sales as revenue. Cash App generated $50 million in gross bitcoin profit in the first quarter, up 43% from the fourth quarter and up 16% year-over-year. The company as a whole reported first quarter gross profits of $770 million, up 16% year-over-year. The company did not take an impairment loss on its bitcoin holdings in the first quarter due to the increase in the price of bitcoin. block reported an impairment charge of $9 million on its bitcoin investments in the fourth quarter and $47 million for the full year 2022. As of March 31, Block held bitcoin with a fair value of $229 million, compared to a carrying value of $126 million recognized on the balance sheet.