Jack Dorsey’s Block stock jumps as Cash App’s Bitcoin revenue hits $2.42b
Block, Inc. reported a significant 37% increase in Bitcoin revenue in Q3 2023, reaching $2.42 billion, with an overall net revenue boost of 24% to $5.62 billion year-over-year. Block, Inc., spearheaded by Jack Dorsey, has made headlines with a notable 37% surge in Bitcoin (BTC) revenue in Q3 of 2023, amassing $2.42 billion as opposed to the $1.77 billion reported in the same quarter of last year. This leap in revenue is paralleled by a 22% increase in Bitcoin gross profit, escalating from $37 million in Q2 2022 to $45 million in Q3 2023. The uptick in revenue stems from two key factors: a higher average market price of Bitcoin and a spike in the volume sold through Block’s Cash App. Such growth indicates a robust customer demand within Block’s ecosystem. Additionally, Block has witnessed an appreciation in its corporate treasury’s Bitcoin holdings. Despite cumulative impairment charges, the carrying value of its Bitcoin investment reached $102 million, whereas...