Block, Led by Jack Dorsey, Reports Huge Bitcoin Profits Through Cash App
Block, a payment platform led by ex-Twitter boss Jack Dorsey, has reported significant Bitcoin gross profits in Q4 2023. According to Block’s recent earnings report, the firm earned $66 million from selling Bitcoin through Cash App, marking a 90% increase year over year. This news prompted a 12.35% stock price rally for Nasdaq in after-hours trading.
Increase in Bitcoin Revenue and Gross Profit
- The total sale amount of Bitcoin sold to customers was $2.52 billion, up 37% year over year.
- The growth in Bitcoin revenue and gross profit was due to an increase in the average market price of Bitcoin and the appreciation of Block’s Bitcoin inventory during the quarter.
- Cash App generated $205 million of Bitcoin gross profit for the entire year of 2023, a 31% increase from the previous year.
Increased Interest in Cash App Cards
According to the earnings report, more users are choosing to use Cash App Cards as their primary banking solution. In December alone, there was a 20% jump in Cash App Card monthly active users to 23 million, which is more than twice the growth rate of total monthly actives.
Hot Take: Block’s Success Highlights Growing Demand for Bitcoin
Block’s impressive Bitcoin profits through Cash App demonstrate the increasing popularity and demand for cryptocurrencies. As more users embrace digital currencies for transactions and investments, platforms like Cash App are capitalizing on this trend. The integration of features like the Lightning Network and the convenience of Cash App Cards contribute to its growing user base. With Jack Dorsey at the helm, Block is well-positioned to continue its success in the crypto market.
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