Crypto-fenixis received $1.73 billion from bitcoin sales in the quarter

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Crypto Regulation
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In the first quarter of 2022, Crypto-Fenixis 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," Crypto-Fenixis 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.

Crypto-Fenixis 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.

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Andrew Griffin

Andrew Griffin is a cryptocurrency journalist with over 3,000 articles under his belt. He is passionate about cryptocurrencies, digital rights, information technology and futurology — the things that he likes to cover the most. Andrew previously reported for Cointelegraph and Benzinga.