Block, the fintech firm led by former Twitter CEO Jack Dorsey, made $66 million in gross profit on its Bitcoin sales last quarter through Cash App—a 90% increase year over year.

The company’s fourth-quarter 2023 earnings report was released on Thursday, prompting a stock price rally for NASDAQ:SQ, up 12.35% in after-hours trading to $76.10, from $67.96 when the markets closed.

“The total sale amount of Bitcoin sold to customers—which we recognize as Bitcoin revenue—was $2.52 billion, up 37% year over year,” the report explained. “The year-over-year increase in Bitcoin revenue and gross profit was driven by an increase in the average market price of Bitcoin as well as a benefit from the price appreciation of our Bitcoin inventory during the quarter.”

In late 2020 and early 2021, Block invested $50 million and $170 million in Bitcoin, respectively. By the end of 2023, the firm held 8,038 Bitcoins—worth around $340 million—on its balance sheets. With the value well above $400 million today, the Block said that it was recognizing a $207 million gain from this investment as of December 2023.

A lot of those Bitcoin sales were made via smartphones: Block

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Author: Jason Nelson

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