Jack Dorsey’s Block had $5.62B in revenue, $44M in Bitcoin profits in Q3
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Block’s Bitcoin gross profit stood at $45 million, up by 22% year-over-year, with the firm selling $2.42 billion worth of BTC to customers via Cash App. The company’s Bitcoin gross profit stood at 2% of Bitcoin revenue. The firm claimed that the rise in BTC revenue was fueled by an increase in the average market price of Bitcoin and the quantity of Bitcoin sold to customers.
Block stated it has not seen any impairment loss on its Bitcoin holding since the previous quarter. Block’s investment in Bitcoin had a carrying value of $102 million as of Sept. 30, 2023, but its fair value, determined by observable market prices, was $216 million, or $114 million more than its carrying value.
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