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Jack Dorsey’s Block Is Sitting on $207M Gain on Its Bitcoin Bet

Block, Inc. (SQ) stocks were up 13% in after-market trading hours.

By Shaurya Malwa
AccessTimeIconFeb 23, 2024 at 5:16 a.m. UTC
Updated Mar 8, 2024 at 10:03 p.m. UTC
CASH app on Smartphone next to $100 dollar bill (Shutterstock)
CASH app on Smartphone next to $100 dollar bill (Shutterstock)
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Fintech company Block, in its fourth-quarter earnings report released Thursday, reported a remeasurement gain of $207 million on its bitcoin (BTC) holdings.

As of Dec. 31, 2023, Block held approximately 8,038 BTC for investment purposes with a fair value of $340 million.

The Jack Dorsey-owned company made $66 million in gross profit on bitcoin sales last quarter through Cash App, a banking services platform, representing a 90% increase year over year.

“The total sale amount of bitcoin sold to customers—which we recognize as bitcoin revenue—was $2.52 billion, up 37% year over year,” the report said. “The year-over-year increase in bitcoin revenue and gross profit was driven by an increase in the average market price of bitcoin as well as a benefit from the price appreciation of our bitcoin inventory during the quarter.”

Shares of Block (NASDAQ: SQ) are up 13% in after-hours trading to $76, data shows. Overall, Block reported its gross profit grew 22% yearly to $2.03 billion. Square generated a gross profit of $828 million, up 18% year over year, and Cash App generated a gross profit of $1.18 billion, up 25% year over year.

Edited by Omkar Godbole.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Shaurya Malwa
Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Follow @shauryamalwa on Twitter

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