in case you're wondering how Cash App achieves a near (or even slightly better than) 1:1 ratio in the Bitkey app, here's a jargon free post for u
they currently offer very competitive net pricing for Bitcoin purchases: $100 gets you about $100.03 worth of BTC after fees and rates, which puts it ahead of Strike, Robinhood, Coinbase, and MoonPay in that comparison
Cash App can compete this aggressively because bitcoin is part of Block’s wider strategy, not just a random product tab inside the app
the company owns Cash App and Bitkey, holds bitcoin on its balance sheet, and has spent years pushing the idea of making bitcoin easier to buy, withdraw, and self custody
the fee structure also helps
regular market buys can still carry fees depending on size, but Auto Invest, Round Ups, and larger buys can move closer to zero fee pricing, which makes the final BTC amount much stronger than what users get from many third party onramps
then there is the scale advantage
Cash App processes serious bitcoin volume, has tighter purchase flows because it connects to another Block product, and does not have to treat every buy like a one off transaction that must extract the highest fee possible
also, the 1:1 part mentioned is more about custody than pricing
it means Cash App says it holds the bitcoin users buy, instead of running some fractional reserve game behind the scenes
that does not explain the cheap buy by itself, but it does help the trust side of the product
so Jack's strategy is to make bitcoin cheap to buy, easy to withdraw, easy to store, so people are more likely to keep buying
pretty neat, don't you think?
If you buy $100 worth of Bitcoin through the Bitkey app, here is the net amount you will receive from each exchange after fees.