Block’s Bitcoin holdings generated $229.7 million in gains in the third quarter, more than four times its gross profit from its Bitcoin business.
According to BeInCrypto, Jack Dorsey’s Block reported $229.7 million in gains on its Bitcoin holdings in its third-quarter earnings, compared with $52 million in gross profit from its Bitcoin business. The results exceeded the company’s own guidance. After the market closed on November 3, the share price rose 5.84%, from a closing price of $76.00 to $80.44.
· The $229.7 million represents unrealized gains on its holdings, while the $52 million in gross profit came from business operations—these are two different measures. The former fluctuates with the price; the latter does not.
· The share-price reaction came after hours. The 5.84% increase reflected the overall results exceeding guidance; the source did not break down the contributions of volume and price.
Which matters more to you: the volatility in gains on its holdings, or the profit margin of the Cash App business?
$BTC
According to BeInCrypto, Jack Dorsey’s Block reported $229.7 million in gains on its Bitcoin holdings in its third-quarter earnings, compared with $52 million in gross profit from its Bitcoin business. The results exceeded the company’s own guidance. After the market closed on November 3, the share price rose 5.84%, from a closing price of $76.00 to $80.44.
· The $229.7 million represents unrealized gains on its holdings, while the $52 million in gross profit came from business operations—these are two different measures. The former fluctuates with the price; the latter does not.
· The share-price reaction came after hours. The 5.84% increase reflected the overall results exceeding guidance; the source did not break down the contributions of volume and price.
Which matters more to you: the volatility in gains on its holdings, or the profit margin of the Cash App business?
$BTC
