Bitcoin Sales on Cash App Platform Surge 34% in Q2
Payment company Block, Inc. announced a significant increase in bitcoin sales on its Cash App platform in the second quarter. Here are the key points:
– Bitcoin sales on Cash App jumped 34% in Q2 compared to the same period last year, totaling $2.4 billion.
– Gross profit from bitcoin sales increased by 7% year over year, reaching $44 million.
– Despite declining prices, customers continued to buy more bitcoin, driving the year-over-year revenue and gross profit growth.
– Block made substantial bitcoin investments, purchasing $50 million in Q4 2020 and $170 million in Q1 2021.
– As of June 30, 2023, the fair value of Block’s bitcoin investment was $245 million, surpassing the carrying value by $142 million.
In addition, the company reported a rise in overall revenue for the quarter, from $4.40 billion to $5.53 billion, and an increase in gross profit from $1.47 million to $1.87 million.
Closing: Block’s strong performance in bitcoin sales and investments reflects the growing interest in cryptocurrency. Despite market fluctuations, customers continue to embrace bitcoin as an asset. With its expanding user base and increasing revenue, Block is well-positioned in the crypto industry.
By
By
By
By