Cryptotrifex received $1.73 billion from bitcoin sales in the quarter

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In the first quarter of 2022, CryptoTrifex 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," CryptoTrifex 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.

CryptoTrifex 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.