{"id":86582,"date":"2023-11-03T17:30:29","date_gmt":"2023-11-03T15:30:29","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=86582"},"modified":"2025-09-13T06:29:25","modified_gmt":"2025-09-13T03:29:25","slug":"block-posts-2-42-billion-from-bitcoin-sales-in-the-quarter","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/block-posts-2-42-billion-from-bitcoin-sales-in-the-quarter\/","title":{"rendered":"Block posts $2.42 billion from bitcoin sales in the quarter"},"content":{"rendered":"<p>In the second quarter of 2023, Block&#8217;s revenue from Bitcoin sales via the Cash App <a href=\"https:\/\/s29.q4cdn.com\/628966176\/files\/doc_financials\/2023\/q2\/2Q23_Block_Shareholder-Letter.pdf\">amounted to<\/a> $2.42 billion. The operations generated gross profit of $45 million for the payments company.<\/p>\n<p>Compared with <a href=\"https:\/\/forklog.com\/en\/news\/squares-bitcoin-sales-gross-profit-in-q3-totalled-42-million\">the corresponding period in 2022<\/a>, metrics rose by 37% and 22%, respectively.<\/p>\n<p>From April through June, revenue from the sale of the first cryptocurrency <a href=\"https:\/\/forklog.com\/en\/news\/block-earns-2-39-billion-from-bitcoin-sales-in-the-second-quarter-of-2023\">amounted to $2.39 billion<\/a>, and profit was $44 million.<\/p>\n<p>Management attributed the year-over-year growth to higher quarterly sales volume and to the higher average price of Bitcoin.<\/p>\n<p>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&#8217;s bitcoins stood at $102 million, while market value was $216 million.<\/p>\n<p>Excluding cryptocurrency sales, Cash App revenue grew 26% year over year to $1.16 billion. Total cash flow stood at $62 billion. The platform&#8217;s monthly active users surpassed 55 million.<\/p>\n<p>For the quarter, Block posted total gross revenue of $5.62 billion, with around 43% of the figure coming from bitcoin sales.<\/p>\n<p>The company reported a net loss of $29 million for the quarter, or $0.05 per share.<\/p>\n<p>In 2021 the company <a href=\"https:\/\/forklog.com\/en\/news\/square-to-rename-to-block-as-it-focuses-on-blockchain-projects\">rebranded<\/a> by changing its name from Square to Block. The move was intended to underscore its commitment to blockchain projects.<\/p>\n<p>In October 2022, users of its payments app <a href=\"https:\/\/forklog.com\/en\/news\/cash-app-adds-bitcoin-payments-via-the-lightning-network\">gained the ability<\/a> to send and receive Bitcoin via the Lightning Network <a href=\"https:\/\/forklog.com\/en\/news\/lightning-network-faster-cheaper-bitcoin-transactions\">Lightning Network<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the second quarter of 2023, Block&#8217;s revenue from Bitcoin sales via the Cash App amounted to $2.42 billion. The transactions generated gross profit of $45 million for the payments company.<\/p>\n","protected":false},"author":1,"featured_media":86583,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Block reports $2.42 billion in Bitcoin sales in Q2 2023, with $45 million gross profit.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1533,1534],"class_list":["post-86582","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cash-app","tag-square"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"Block reports $2.42 billion in Bitcoin sales in Q2 2023, with $45 million gross profit.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/86582","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=86582"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/86582\/revisions"}],"predecessor-version":[{"id":86584,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/86582\/revisions\/86584"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/86583"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=86582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=86582"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=86582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}