TechFlow news — Block's Q2 shareholder letter, the payments company founded by former Twitter CEO Jack Dorsey, said Bitcoin sales on its Cash App rose 34% year-over-year in the second quarter, reaching $2.4 billion. Gross profit from Bitcoin sales was $44 million, up 7% year-over-year. The company noted that customers continue to buy more digital assets even as prices decline. "The year-over-year growth in Bitcoin revenue and gross profit was driven by an increase in the volume of Bitcoin sold to customers, partially offset by lower average market prices for Bitcoin compared to the prior year."
Block purchased $50 million worth of Bitcoin in Q4 2020 and $170 million in Q1 2021. As of June 30, 2023, the value of its Bitcoin investment stood at $245 million, $142 million higher than the carrying value of its investment after deducting cumulative impairment charges. Quarterly revenue increased from $4.4 billion in the same period last year to $5.53 billion, while gross profit rose from $1.47 million to $1.87 million during the period.
