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Jack Dorsey’s Block Is Sitting on $207M Gain on Its Bitcoin Bet
Block, Inc. (SQ) stocks were up 13% in after-market trading hours.
Updated Mar 8, 2024, 10:03 p.m. Published Feb 23, 2024, 5:16 a.m.
Fintech company Block, in its fourth-quarter earnings report released Thursday, reported a remeasurement gain of $207 million on its bitcoin holdings.
As of Dec. 31, 2023, Block held approximately 8,038 BTC for investment purposes with a fair value of $340 million.
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The Jack Dorsey-owned company made $66 million in gross profit on bitcoin sales last quarter through Cash App, a banking services platform, representing a 90% increase year over year.
“The total sale amount of bitcoin sold to customers—which we recognize as bitcoin revenue—was $2.52 billion, up 37% year over year,” the report said. “The year-over-year increase in bitcoin revenue and gross profit was driven by an increase in the average market price of bitcoin as well as a benefit from the price appreciation of our bitcoin inventory during the quarter.”
Shares of Block (NASDAQ: SQ) are up 13% in after-hours trading to $76, data shows. Overall, Block reported its gross profit grew 22% yearly to $2.03 billion. Square generated a gross profit of $828 million, up 18% year over year, and Cash App generated a gross profit of $1.18 billion, up 25% year over year.
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