The payment technology firm Block (formerly known as Square) revealed that its bitcoin revenue for the second quarter was approximately 34% more than the figure reported in Q2, 2022.
The company, spearheaded by Twitter’s former CEO Jack Dorsey, is a main player on the crypto scene, owning over 8,000 BTC.
Q2’s Solid Numbers
Block revealed that its mobile application that enables monetary transfers – Cash App – generated a bitcoin revenue of $2.39 billion in Q2, 2023. The sum is approximately 34% higher than the nearly $1.8 billion registered in the second quarter of last year. Cash App’s BTC gross profit equaled $44 million, up 7% year-over-year.
“The year-over-year increase in bitcoin revenue and gross profit was driven by an increase in the quantity of bitcoin sold to customers, partially offset by a decrease in the average market price of bitcoin compared to the prior-year period,” the firm stated.
Block disclosed that it had not recognized a bitcoin impairment
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