Jack Dorsey’s Block made $2,61 billion in bitcoin transactions during Q2
As a result, the company’s total net revenue in the reporting period amounted to $6,16 billion
02.08.2024 - 10:35
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What’s new? Payment conglomerate Block of Twitter founder Jack Dorsey has released its Q2 report, where it reported a 9% year-over-year increase in bitcoin revenue, the figure surpassed the $2,61 billion mark. Block’s total net revenue reached $6,16 billion, an 11% increase year-on-year.
What else is known? Block counts bitcoin revenue as the total amount of BTC sold to customers. Excluding bitcoin revenue, revenue totaled $3,54 billion (+13% YoY).
The Cash App mobile payment service within Block generated $67 million in gross BTC revenue in the reporting period, a year-over-year increase of 52%. The company notes that the growth in the figure was predominantly driven by an increase in the average price of BTC, with the cryptocurrency adding more than 45% in 2024.
The company also updated the status of its bitcoin reserves, reporting a loss of $70 million worth of coins. As of June 30, Block had about 8211 BTC on its balance sheet for investment purposes, with a fair value of $515 million. The company bought about 173 BTC during the past quarter.
In May, Block announced that it would start allocating 10% of gross profits from bitcoin products to buy its first cryptocurrency every month. At the same time, it announced a $1,5 billion private placement of bonds for institutional investors.
Media: US Attorney’s Office investigating violations of AML laws by Jack Dorsey’s Block
An anonymous former employee provided authorities with documents allegedly proving sanctions violations
In April, Block completed the development of a 3nm bitcoin mining chip and announced plans to build a mining system for the first cryptocurrency.
In Q4 2023, Cash App’s gross bitcoin revenue totaled $66 million, up 90% year-on-year.
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