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Block Reports Strong Bitcoin Sales and Profits in Q4 2023

Block, the payments company formerly known as Square and led by Jack Dorsey, reported a strong growth in its bitcoin sales and profits in the fourth quarter of 2023, according to its latest earnings report released on Thursday.

The company sold $2.52 billion worth of bitcoin to its customers in Q4 2023, which was a 37% increase from the same period in 2022. The company also gained $207 million in remeasured bitcoin holdings, as the price of the cryptocurrency surged in the last quarter of 2023. Block held around 8,038 bitcoin at the end of 2023, which was worth around $340 million at the time.

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.

The company’s mobile payment platform Cash App was a major contributor to its bitcoin revenue and gross profit. Cash App generated $66 million in bitcoin gross profit in Q4 2023, which was a 90% increase from Q4 2022. Cash App allows users to buy, sell, and store bitcoin easily and securely, and has over 40 million monthly active users as of December 2023.

Block’s overall financial performance was also impressive in Q4 2023. The company’s net income attributable to stockholders was $178 million, compared to a net loss of $114 million in Q4 2022. The company’s total net revenue was $5.6 billion, up 64% year-over-year. For the full year of 2023, Block’s net income was $10 million, compared to a net loss of $541 million in 2022.

Block’s shares closed up 5.41% on Thursday and added another 13.23% in after-hours trading, as investors reacted positively to the company’s earnings report. Block’s market capitalization was around $140 billion as of Friday morning.

Block, which changed its name from Square in December 2023, is one of the leading companies in the crypto space, with a vision of creating an open and decentralized financial system. The company’s CEO, Jack Dorsey, is also the co-founder and CEO of Twitter, and a vocal advocate of bitcoin. Dorsey has said that he believes bitcoin will become the native currency of the internet and that he plans to dedicate most of his time and resources to bitcoin development.

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