Jack Dorsey’s Block Scores Big with 90% Boost in Bitcoin Profits in Q4

In the latest Q4 earnings report, Block, under the leadership of Jack Dorsey, revealed a staggering $207 million gain on its Bitcoin holdings. As of December 31, 2023, the company held approximately 8,038 BTC valued at $340 million.

Let’s delve into the key details of this financial victory.

Bitcoin Boom: Milestones to Remember

During this period, Block gained $207 million from the appreciation of its Bitcoin holdings, concluding the year with 8,038 Bitcoins valued at around $340 million.

The earnings report highlighted a significant 37% year-over-year increase in Bitcoin revenue, totaling an impressive $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 a remarkable 90% growth in profits from bitcoin sales, reaching $66 million, contributing significantly to Block’s overall success.

Also Read: Fed Rate Cuts, Halving Hype: Matrixport Predicts Bitcoin Price Surge to $63K By March

Square and Cash App Soar

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

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. Post-announcement, Block’s shares experienced a notable 5.41% increase on Thursday, followed by an additional surge of 13.23% in after-hours trading.

All in All

Block’s Q4 success is marked by strategic Bitcoin maneuvers, soaring profits, and a positive market response. With no shortage of Bitcoin gains and an impressive financial performance, Block stands strong.

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