Posted 2/23/2024, 1:06:38 AM
Block's Bitcoin Revenue Soars 37% to $2.5B in Q4 as Crypto Trading Takes Off on Cash App
- Block made $66M in Bitcoin gross profit last quarter through Cash App, a 90% increase year-over-year
- Block sold $2.52B in Bitcoin to customers in Q4 2023, up 37% from last year
- Block is recognizing a $207M gain from its $50M and $170M Bitcoin investments made in late 2020 and early 2021
- Cash App generated $205M in Bitcoin gross profit and $9.50B of Bitcoin revenue in 2023
- Block revenues increased 33.54% to $9.5B in fiscal year 2023 compared to 2022, though revenues fell 28.96% from 2021 to 2022