Block Reports Strong Q3 Financial Results
In the standout quarter, fintech company Block demonstrated substantial growth, reporting $5.6 billion in revenue for Q3. Bitcoin revenue played a significant role, accounting for around 43% of the total revenue. The positive performance was attributed to robust consumer demand and increased spending.
Bitcoin Revenue and Gross Profit
Block’s Bitcoin gross profit notably increased by 22% year-over-year, reaching $45 million. This growth was fueled by the sale of $2.42 billion worth of BTC to customers through Cash App. The company’s Bitcoin gross profit represented 2% of Bitcoin revenue.
“Block’s Bitcoin gross profit notably increased by 22% year-over-year, reaching $45 million.”
Moreover, Block emphasized that it did not incur any impairment losses on its Bitcoin holdings in the previous quarter. As of September 30, 2023, Block’s investment in Bitcoin had a carrying value of $102 million. However, its fair value, determined by observable market prices, was $216 million, indicating a $114 million surplus over its carrying value.
“As of September 30, 2023, Block’s investment in Bitcoin had a carrying value of $102 million. However, its fair value, determined by observable market prices, was $216 million, indicating a $114 million surplus over its carrying value.”
Factors Driving BTC Revenue Growth
The surge in BTC revenue was attributed to both an increase in the average market price of Bitcoin and a rise in the quantity of Bitcoin sold to customers.
“The surge in BTC revenue was attributed to both an increase in the average market price of Bitcoin and a rise in the quantity of Bitcoin sold to customers.”
