The billion-dollar company Block, controlled by Jack Dorsey, made a profit of $66 million selling bitcoin through Cash App. That marks an increase of 90 percent compared to last year. On February 22, Block revealed its figures for the fourth quarter of 2023.
It showed that it had sold a total of $2.5 billion worth of bitcoin, marking a 37 percent increase from Q4 2022.
Block achieves success through bitcoin
Looking at the full year 2023 numbers for Block, bitcoin was a really important asset for the company. The total turnover with bitcoin came in at 9.5 billion dollars. This means an increase of 34 percent compared to 2022.
Gross profit rose 31 percent to $205 million.
“Cash App’s goal is to become one of the primary banking services for households in the United States with a maximum income of $150,000 per year,” said Block CEO Jack Dorsey.
Cash App is a mobile payment application that allows individuals to send money via their smartphones and browsers. Cash App makes it easy for its users to buy, sell, send and receive bitcoin.
Block has bitcoin on its balance sheet
Furthermore, the company holds 8,027 bitcoin on its balance sheet, currently worth $413 million. During the announcement of the quarterly figures, COO and CFO Amrita Ahuja announced that the company benefited enormously from the rise in bitcoin prices.
“The improvements in the third quarter were driven by a number of factors, including the increase in bitcoin gross profits due to price changes implemented during the quarter,” Ahuja said.
Block’s shares shot up 5.4 percent after the earnings release, as the company performed better than most analysts expected.
A total gross profit of $2.02 billion was recorded over the past quarter. Total gross profit for 2023 reached $7.5 billion, marking a 25 percent increase over 2022.
Source: https://bitcoinmagazine.nl/nieuws/miljardenbedrijf-block-maakt-gigantische-winst-op-bitcoin
