Cash App's bitcoin business at Square (Dorsey's Block) saw a 31% YoY decline, but the impact on gross profit was negligible. Meanwhile, Coinbase reported a 31% drop in Q1 revenue to $1.41 billion, missing analyst estimates due to slumped crypto trading volumes. Both companies' stocks reacted to the news, with Square's down by 2% and Coinbase's falling by 5% in after-hours trading.

BTC-1.32%
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