Block posts $2.42 billion from bitcoin sales in the quarter

Block reports $2.42 billion in Bitcoin sales in Q2 2023, with $45 million gross profit.

In the second quarter of 2023, Block’s revenue from Bitcoin sales via the Cash App amounted to $2.42 billion. The operations generated gross profit of $45 million for the payments company.

Compared with the corresponding period in 2022, metrics rose by 37% and 22%, respectively.

From April through June, revenue from the sale of the first cryptocurrency amounted to $2.39 billion, and profit was $44 million.

Management attributed the year-over-year growth to higher quarterly sales volume and to the higher average price of Bitcoin.

In a note to investors, the company said that under current rules it had not revalued its digital assets. As of September 30, the carrying value of Block’s bitcoins stood at $102 million, while market value was $216 million.

Excluding cryptocurrency sales, Cash App revenue grew 26% year over year to $1.16 billion. Total cash flow stood at $62 billion. The platform’s monthly active users surpassed 55 million.

For the quarter, Block posted total gross revenue of $5.62 billion, with around 43% of the figure coming from bitcoin sales.

The company reported a net loss of $29 million for the quarter, or $0.05 per share.

In 2021 the company rebranded by changing its name from Square to Block. The move was intended to underscore its commitment to blockchain projects.

In October 2022, users of its payments app gained the ability to send and receive Bitcoin via the Lightning Network Lightning Network.