Fintech firm Block (SQ) reported $2.16 billion in bitcoin revenue in its Cash App unit during the first quarter, up 18% from $1.83 billion in Q4 and up 25% from Q1 2022, the company said in its shareholder letter on Thursday. Block reports the total sale amount of bitcoin to customers as revenue.

Cash App generated $50 million in bitcoin gross profit in the first quarter, up 43% from Q4 and ahead 16% year over year. The company as a whole reported $770 million in gross profit in Q1, up 16% year over year.

Thanks to a rise in the price of bitcoin, the company did not book an impairment loss on its bitcoin holdings in the first quarter. Block reported an impairment charge of $9 million in Q4 on its bitcoin investment and an impairment of $47 million for the full year in 2022.

As of March 31, the fair value of Block's bitcoin holdings was $229 million versus the carrying value of $126 million recognized on the balance sheet. Block's original purchase price on its bitcoin holdings was $220 million.

Overall, the company reported Q1 revenue of $5 billion, topping estimates by $390 million; non-GAAP earnings per share of 40 cents beat expectations by 6 cents.

Shares are higher by 2.4% in after-hour trading.