🔥 Bitcoin business profits halved, yet payments giant Block keeps earning more?
On November 3, Block released its third-quarter earnings report: total gross profit was $3.235 billion, up 22% year over year; but gross profit from its Bitcoin ecosystem business was just $52 million, plunging 50% year over year!
Does this mean people aren’t buying BTC anymore?
Not necessarily! The company explicitly said the main reason was that it proactively lowered fees on some Bitcoin transactions in Cash App.
Meanwhile, payments and lending are driving growth, with Cash App gross profit up 27% year over year.
This shows that transaction volume doesn’t equal platform profit—fees are the key!
What to watch next: whether lower fees can attract more users, and whether gross profit from the Bitcoin business can stop falling.
#BTC🔥🔥🔥🔥🔥 #bitcoin #block #CashApp #美股
On November 3, Block released its third-quarter earnings report: total gross profit was $3.235 billion, up 22% year over year; but gross profit from its Bitcoin ecosystem business was just $52 million, plunging 50% year over year!
Does this mean people aren’t buying BTC anymore?
Not necessarily! The company explicitly said the main reason was that it proactively lowered fees on some Bitcoin transactions in Cash App.
Meanwhile, payments and lending are driving growth, with Cash App gross profit up 27% year over year.
This shows that transaction volume doesn’t equal platform profit—fees are the key!
What to watch next: whether lower fees can attract more users, and whether gross profit from the Bitcoin business can stop falling.
#BTC🔥🔥🔥🔥🔥 #bitcoin #block #CashApp #美股
