Block, Inc. (you might know it as Square) just dropped some eye-popping numbers in their latest earnings call, and it's all about Bitcoin. Yeah, you heard that right, Bitcoin. They've netted a cool $207 million gain from their Bitcoin stash. As of the end of last year, they were sitting on about 8,038 Bitcoins, which, let me tell you, was worth a sweet $340 million.
Image Source
So, Jack Dorsey, the guy behind Twitter and now leading the charge at Block, seems to have hit the jackpot with this crypto bet. Through their Cash App (which, by the way, is becoming a go-to for banking services), they raked in $66 million in profit from selling Bitcoin, up a staggering 90% from the year before. They sold a whopping $2.52 billion worth of Bitcoin to their users, marking a 37% increase from the previous year. And guess what? The spike in Bitcoin prices last quarter played a big part in this.
Post-earnings announcement, Block's stock jumped 13% in after-hours trading, hitting $76. The company as a whole is doing pretty well too, with a 22% increase in gross profit, reaching $2.03 billion. Breaking it down, Square pulled in $828 million in profit, up 18%, and Cash App? Well, it brought home $1.18 billion, up 25%.
This Bitcoin adventure of theirs isn't just paying off; it's a testament to Block's bullish outlook on crypto and its smart moves in integrating Bitcoin sales into Cash App. It's a bold strategy that's clearly bearing fruit, showcasing the growing traction of cryptocurrencies in mainstream financial services.
For anyone keeping an eye on the crypto space or intrigued by the intersection of tech and finance, Block's story is a fascinating chapter in the ongoing saga of digital currencies. It's a real-world example of how embracing the future of money can pay off, big time.