Bitcoin with golden eggs. Since leaving Twitter (becoming X), Jack Dorsey its clearly dedicated to Bitcoin (BTC). It must be said that his company Block (formerly Square) has seized the incredible opportunity represented by the king of cryptos. And this interest payssince the company’s Bitcoin-related activities earned it tens of millions of dollars.
Block sells over $2.4 billion worth of bitcoin to customers
Quarterly reporting season continues for businesses, and today it’s the company Block of Jack Dorsey which transmits a balance sheet to its investors. In a letter to its shareholders published on November 2, 2023, Block first reveals its excellent overall health.
Indeed, the company has generated an impressive turnover of 5.62 billion dollars for the past third quarter (Q3) alone. And its mobile payments service CashApp largely explains this significant flow of money.
Thus, over the months of July-August-September 2023, Cash App generated 3.58 billion dollars of incomeAnd 984 million dollars of gross profits. This corresponds to an increase of +34% and +27% respectively from one year to the next. And within Cash App, bitcoin sales to users amounted to 2.42 billion of dollars. An increase of +37% compared to the previous year.
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Monster profits for Cash App thanks to BTC
Good results which would be a sign of more than the long crypto winter of 2022 is definitely behind us ? In any case, bear market or not, Bitcoin generated juicy income to Block, via its Cash App application.
Indeed, we learn in this letter to shareholders that this payment service has generated $45 million in gross profits thanks to bitcoin exchanges, still for this third quarter of 2023 alone (over 3 months). This also corresponds to an increase of +22% compared to last year.
Excellent figures which will perhaps think twice the least sectarian of detractors of Bitcoin and cryptocurrencies. Because unless they completely change their vision, they will perhaps begin to wonder if they don’t miss a train of opportunity which begins to leave before their eyes.
In any case, Block and Jack Dorsey no longer ask themselves any questions in their total involvement for the development of the king of cryptos. Indeed, last year, Block announced that it was launching its work to create a Bitcoin hardware walletwhile wishing develop its activities related to BTC mining. We’re clearly not ready to give up a profitable business on Block’s side.
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