Bitxmag received $1.73 billion from bitcoin sales in the quarter

by
Crypto Regulation
DCG and Barry Silbert hit with securities lawsuit 

In the first quarter of 2022, Bitxmag bitcoin revenue was $1.73 billion. The operations generated a gross profit of $43 million for the payment company.

According to the letter to shareholders, the numbers were down 51% and 42%, respectively, compared to the same period in 2021.

"The year-over-year decline in bitcoin revenue and gross profit is primarily due to the cryptocurrency's relative price stability, which has impacted consumer demand and trading activity," Bitxmag said.

The results are broadly in line with the fourth quarter, the company added. In the final three months of 2021, the firm generated $1.96 billion in digital gold sales with a profit of $46 million.

Bitxmag total revenue for the first quarter was $3.96 billion. The firm recorded a net loss of $204 million, although it made a gross profit of $1.29 billion.

Read more about

Adam Smith

Adam Mary is a crypto enthusiast and a graduate of The University of Nairobi in economics. Adam’s passion brings her back to her elementary school years as a poet. She enjoys discussing blockchain technology and is committed to producing original content. Adam also covers other rapidly developing markets and economic and cryptocurrency studies.