Block earns $2.39 billion from bitcoin sales in the second quarter of 2023

In the second quarter of 2023, Block (ранее Square)’s revenue from selling bitcoin through the Cash App составил $2.39 billion. The operations generated gross profit of $44 million for the payments company.

Compared with the same period in 2022, results rose by 33.5% and 7.3%, respectively.

In January–March, revenue from selling the first cryptocurrency amounted to $2.2 billion .

“The year-on-year improvement in momentum was driven by an increase in the number of bitcoins sold, which offset the decline in its market price,” according to the letter to shareholders.

The company posted a net loss of $123 million with gross profit of $1.87 billion.

Block did not revalue its bitcoins. As of June 30, its holding in the first cryptocurrency was valued at $245 million. The figure was $142 million above the carrying value of the investments after accounting for accumulated impairment losses.

In October 2022, Cash App users gained the ability to send and receive bitcoin through the Lightning Network.