Block Reports $2.42B Gains on Bitcoin Sales in Q3

In the second quarter of 2023, Block reported a revenue of $2.42 billion from the sale of bitcoins through its Cash App application, with a gross profit of $45 million.

These figures marked a 37% increase in revenue and a 22% increase in profit compared to the same period in 2022.

In the months of April to June, the company’s revenue from bitcoin sales was $2.39 billion and the profit was $44 million.

Block attributed the year-on-year growth to higher sales volume and the increase in average price of bitcoin during the quarter.

In its letter to investors, the company clarified that it did not adjust the value of its digital assets based on current rules.

As of September 30, their book value for bitcoins was $102 million, while the market value was $216 million.

Excluding cryptocurrency sales, Cash App’s revenue saw a 26% increase in the year, reaching $1.16 billion, with a total cash flow of $62 billion. The platform also recorded over 55 million monthly active users.