Fintech company Block posted a remeasurement gain of $207 million on its bitcoin (BTC) holdings in its fourth-quarter earnings report released Thursday. As of Dec. 31, 2023, Block held approximately 8,038 BTC for investment purposes with a fair value of $340 million. The Jack Dorsey-led company made $66 million in gross profit on bitcoin sales last quarter through Cash App, a banking services platform, 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.
Comments (No)