Block Inc., led by Jack Dorsey, continued to grow its Bitcoin
According to the 10-Q form, this brought the company’s total Bitcoin treasury to 8,692 BTC.
The new purchase cost Block around $11 million. Altogether, its Bitcoin investment stands at $1.15 billion. The company recorded a $212.2 million gain from revaluing its Bitcoin in Q2, compared to a $70.1 million loss in the same period last year.
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Block also reported financial results for the quarter. Total revenue reached $6.05 billion, a 1.5% increase from the first quarter’s $5.96 billion. Gross profit rose to $2.54 billion, up from $2.33 billion the previous quarter.
Of the total revenue, $2.14 billion came from Bitcoin sales through Cash App. These sales earned Block a gross profit of $66 million. While Cash App handles large volumes of Bitcoin transactions, the profit margins remain relatively low.
Bitcoin has become a key part of Block’s long-term plans. In the first quarter, the company added 207 BTC to its holdings, with a combined cost of $20.6 million for both Q1 and Q2 purchases.
Recently, Jack Dorsey introduced a test version of a decentralized messaging app called Bitchat. How does it work? Read the full story.
