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Block, Under Jack Dorsey’s Leadership, Reports Significant Earnings from Bitcoin Transactions Through Cash App
Block, a payment platform headed by former Twitter CEO Jack Dorsey, has reported significant Bitcoin gross profits for Q4 2023. According to the company’s latest earnings report, Block generated $66 million from Bitcoin sales through Cash App.
The fintech company indicated that its gross profit reflects a 90% increase compared to the previous year. Released on Thursday, Block’s earnings report triggered a 12.35% rise in its stock price during after-hours trading on Nasdaq.
The report detailed that the total volume of Bitcoin sold to customers reached $2.52 billion, marking a 37% increase year over year.
“The year-over-year growth in Bitcoin revenue and gross profit was fueled by a rise in the average market price of Bitcoin, along with gains from the appreciation of our Bitcoin inventory throughout the quarter.”
For the full year of 2023, Cash App achieved $205 million in Bitcoin gross profit, representing a 31% increase from the prior year. Block, which was previously known as Square, initiated Bitcoin trading on Cash App in 2018.
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As previously reported, the crypto-friendly Cash App saw over 1 million new customers purchasing Bitcoin in January 2023. In October, the mobile payments application incorporated the Bitcoin Lightning Network, a layer 2 scaling solution addressing cryptocurrency scalability challenges.
Increased Interest in Cash App Cards
Additionally, the earnings report for shareholders highlighted that a growing number of users are choosing to utilize Cash App Cards.
“We view the Cash App Card as a pathway for our customers to adopt Cash App as their primary banking solution,” it stated.
In December alone, the company noted a 20% increase in monthly active users of Cash App Cards, reaching 23 million. This growth rate is more than double that of total monthly active users.
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