Block has Recorded a 90% Surge in Bitcoin Profits

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Jack Dorsey’s Block, previously known as Square, has recorded a 90% increase in its gross profit from selling Bitcoin through Cash App, a mobile payment service available in the United States and the United Kingdom, as compared to the previous year. 

As reported earlier by TheCoinRise, Cash App announced the integration of TaxBit to track their Bitcoin transactions for the purpose of filing taxes and also boost the number of users on its application. TaxBit makes tax reporting easier “for everyone who has integrated digital assets into their portfolio.”

Block Sees a 90% Increase

In its earnings report for the fourth quarter, Block stated that the total sale amount of Bitcoin sold to customers (shown as Bitcoin revenue) was $2.5 billion, up 37% year-over-year in Q4. 

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The annual report depicts a consistent pattern of expansion, showcasing a 34% year-on-year increase in Bitcoin revenue, reaching $9.5 billion. Simultaneously, the gross profit from Bitcoin experienced a noteworthy rise of 31%, reaching $205 million.

“Cash App aims to become one of the top providers of banking services to households in the United States which earn up to $150,000 per year,” noted Block CEO Jack Dorsey in a statement.

Cash App Generated $1.18 billion in Q4

Cash App generated $1.18 billion in the fourth quarter, as per the filing, which is up 25% year over year. The application is known for easily allowing users to buy, sell, send, and receive BTC with their linked cards or cash balances.

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It is important to note that Block has also benefited from the increase in the price of Bitcoin, and the company holds 8,027 BTC worth around $413 million at current market prices, as per the data from CoinGecko.

Block has Big Ambitions

During the earnings call, Amrita Ahuja, the chief operating officer and chief financial officer of Block, noted that the increase in the price of BTC played a crucial role in the company’s profit. 

“Improvement from the third quarter was driven by a number of factors, including an increase in Bitcoin gross profit from pricing changes implemented during the quarter,” Ahuja said. 

Managing Costs

TheCoinRise previously reported on the significant layoffs announced by Jack Dorsey, the co-founder of Twitter (now known as X), and how the decision reportedly affected close to 1,000 employees.

“As we continue to focus on managing costs, we expect to achieve leverage on share based compensation expenses as a percentage of gross profit, compared to 2023,” said Ahuja.

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