Block, led by Jack Dorsey, sees substantial profits from Bitcoin sales through Cash App

Block Reports Record Bitcoin Profits in Q4 2023

Block, a payment platform led by ex-Twitter boss Jack Dorsey, has reported significant Bitcoin gross profits in Q4 2023. The company’s recent earnings report stated that it earned $66 million from selling Bitcoin through Cash App, marking a 90% increase in gross profit compared to the previous year.

Bitcoin Sales and Revenue Growth

According to the report, the total sale amount of Bitcoin sold to customers was $2.52 billion, reflecting a 37% increase year over year. The increase in Bitcoin revenue and gross profit was attributed to the rise in the average market price of Bitcoin and the appreciation of Bitcoin inventory during the quarter.

Cash App Performance

For the entire year of 2023, Cash App generated $205 million of Bitcoin gross profit, showing a 31% increase compared to the previous year. The mobile payments app has seen significant growth, with over 1 million first-time customers purchasing Bitcoin in January 2023. In addition, Cash App integrated Bitcoin Lightning Network in October, addressing cryptocurrency’s scalability issues.

Cash App Cards Adoption

Block’s earnings report also highlighted the growing adoption of Cash App Cards, noting that more users are opting to use them. The report stated, “We see the Cash App Card as a gateway to our customers adopting Cash App as a primary banking solution.” In December alone, the company recorded a 20% jump in Cash App Card monthly active users to 23 million, surpassing the growth rate of total monthly actives.