Jack Dorsey’s Block Achieves Impressive 90% Surge in Bitcoin Profits during Q4

In Block’s most recent earnings report for Q4, CEO Jack Dorsey proudly announced a jaw-dropping $207 million profit from the company’s Bitcoin holdings. By the end of December 31, 2023, Block had accumulated approximately 8,038 BTC, which was valued at an impressive $340 million.

Let’s dive into the key details of this remarkable financial achievement.

Bitcoin Boom: Notable Milestones

During this period, Block experienced a $207 million gain from the appreciation of its Bitcoin holdings, closing the year with 8,038 Bitcoins worth around $340 million.

The earnings report highlighted a significant 37% increase in Bitcoin revenue compared to the previous year, totaling an astonishing $2.52 billion. This surge was attributed to the rising price of Bitcoin and the appreciation of Block’s Bitcoin inventory during Q4.

Cash App, Block’s mobile payment platform, reported an outstanding 90% growth in profits from bitcoin sales, reaching a remarkable $66 million, which contributed significantly to Block’s overall success.

Square and Cash App Thrive

Block’s financial services platform, Square, recorded an impressive 18% year-over-year increase, boasting a gross profit of $828 million.

When combining Square and Cash App, Block generated a total gross profit of $2.03 billion in Q4, reflecting a solid 22% year-over-year increase. Following the announcement, Block’s shares experienced a notable 5.41% increase on Thursday, followed by an additional surge of 13.23% in after-hours trading.

Overall, Block’s success in Q4 can be attributed to strategic Bitcoin maneuvers, soaring profits, and a positive market response. With an impressive financial performance and no shortage of Bitcoin gains, Block remains a strong contender in the industry.