United

Bitcoin

Block

Jack Dorsey’s Block, previously known as Square, has recorded a 90% increase in its gross profit from selling Bitcoin through Cash App, a mobile payment service available in the United States and the United Kingdom, as compared to the previous year.&nbsp; 
As reported earlier by TheCoinRise,<a href="https://thecoinrise.com/cash-app-announces-integration-of-taxbit/"> Cash App announced the integration of TaxBit</a> to track their Bitcoin transactions for the purpose of filing taxes and also boost the number of users on its application. TaxBit makes tax reporting easier “for everyone who has integrated digital assets into their portfolio.” 
<h2 id="span-style-font-weight-400-block-sees-a-90-increase-span">Block Sees a 90% Increase</h2> 
In its earnings report for the fourth quarter, Block<a href="https://s29.q4cdn.com/628966176/files/doc_financials/2023/q4/Block_4Q23_Shareholder-Letter_Block.pdf"> stated</a> that the total sale amount of Bitcoin sold to customers (shown as Bitcoin revenue) was $2.5 billion, up 37% year-over-year in Q4.&nbsp; 
The annual report depicts a consistent pattern of expansion, showcasing a 34% year-on-year increase in Bitcoin revenue, reaching $9.5 billion. Simultaneously, the gross profit from Bitcoin experienced a noteworthy rise of 31%, reaching $205 million. 
“Cash App aims to become one of the top providers of banking services to households in the United States which earn up to $150,000 per year,” noted Block CEO Jack Dorsey in a statement. 
<h3 id="span-style-font-weight-400-cash-app-generated-1-18-billion-in-q4-span">Cash App Generated $1.18 billion in Q4</h3> 
Cash App generated $1.18 billion in the fourth quarter, as per the filing, which is up 25% year over year. The application is known for easily allowing users to buy, sell, send, and receive BTC with their linked cards or cash balances. 
It is important to note that Block has also benefited from the increase in the price of Bitcoin, and the company holds 8,027 BTC worth around $413 million at current market prices, as per the<a href="https://www.coingecko.com/en/public-companies-bitcoin"> data</a> from CoinGecko. 
<h2 id="span-style-font-weight-400-block-has-big-ambitions-span">Block has Big Ambitions</h2> 
During the earnings<a href="https://s29.q4cdn.com/628966176/files/doc_financials/2023/q4/4Q23_Prepared-Remarks-from-Earnings-Call_Block.pdf"> call</a>, Amrita Ahuja, the chief operating officer and chief financial officer of Block, noted that the increase in the price of BTC played a crucial role in the company’s profit.&nbsp; 
“Improvement from the third quarter was driven by a number of factors, including an increase in Bitcoin gross profit from pricing changes implemented during the quarter,” Ahuja said.&nbsp; 
<h3 id="span-style-font-weight-400-managing-costs-span">Managing Costs</h3> 
TheCoinRise previously reported on the significant layoffs announced by Jack Dorsey, the co-founder of Twitter (now known as X), and how the decision reportedly <a href="https://thecoinrise.com/block-confirms-layoffs-more-than-1000-employees-affected/">affected close to 1,000 employees</a>. 
“As we continue to focus on managing costs, we expect to achieve leverage on share based compensation expenses as a percentage of gross profit, compared to 2023,” said Ahuja. 
The post <a href="https://thecoinrise.com/block/">Block has Recorded a 90% Surge in Bitcoin Profits</a> appeared first on <a href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Block has Recorded a 90% Surge in Bitcoin Profits

Table of Contents

TheCoinrise Media

Other articles published on Feb 23, 2024

After very successful 12 Dubai editions, Agora Group is hosting its 13th GBC on April 25 and 26, ...

Block Reports Significant Growth in Bitcoin Sales Through Cash App

Siacoin Balloons To 65% in Value On Network Upgrades – Details

Shiba Inu gains advanced trading option with Crypto.com update

Crypto Miners Challenge Govt Overreach in Energy Data Request

Study Finds 46% Of NFT Airdrops Hit All-Time Highs In Their First Two Weeks

Join our free newsletter for daily crypto updates!