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    Rajesh AK in Bitcoin

    23 Feb 01:30 PM


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    Jack Dorsey’s Block posts 90% boost in Bitcoin gross profits

    Cash App generated $66 million in Bitcoin gross profit in Q4 2023, up 90% year-over-year.
    Jack Dorsey-led payments firm Block earned $66 million in gross profit from selling Bitcoin through Cash App, increasing a whopping 90% from the prior year.

    On Feb. 22, Block released its earnings report for the fourth quarter, which saw the total sale amount of BTC sold to customers (shown as Bitcoin revenue) at $2.5 billion, up 37% year-over-year in Q4.

    Full-year results paint a similar picture of growth, with Bitcoin revenue standing at $9.5 billion, up 34% year-on-year, while Bitcoin gross profit was up 31% to $205 million.

    “Cash App aims to become one of the top providers of banking services to households in the United States which earn up to $150,000 per year,” said Block CEO Jack Dorsey in a statement.

    Cash App, meanwhile, generated a total gross profit of $1.18 billion in Q4, up 25% year over year.


    Source - Coin Telegraph