According to TechFlow, Block, a payment company founded by former Twitter CEO Jack Dorsey, said in its second quarter shareholder letter that Bitcoin sales on its Cash App increased 34% year-on-year to $2.4 billion in the second quarter. The gross profit from Bitcoin sales was $44 million, up 7% year-on-year. The company said that even as prices fell, customers were still buying more digital assets. "The year-on-year growth in Bitcoin revenue and gross profit was driven by an increase in the number of Bitcoins sold to customers, but this was partially offset by a decline in the average market price of Bitcoin compared to the same period last year."
Block purchased $50 million of Bitcoin in the fourth quarter of 2020 and $170 million in the first quarter of 2021. As of June 30, 2023, the value of its Bitcoin investment was $245 million, $142 million higher than the carrying value of the investment after deducting accumulated impairment charges. Revenue for the quarter increased to $5.53 billion from $4.4 billion in the same period last year, and gross profit for the period increased from $1.47 million to $1.87 million.
