Block, the funds agency led by Twitter founder Jack Dorsey, noticed its income soar to $5.5 billion within the second quarter, partly because of sturdy progress in Bitcoin (BTC) gross sales on the platforms.
Out of the entire $5.5 billion in income, a whopping $2.4 billion got here from gross sales of Bitcoin, a year-over-year enhance of 34%, the corporate mentioned in its quarterly shareholder letter.
In line with the letter, the rise in Bitcoin-related income and gross revenue was pushed by a rise within the quantity of BTC bought to clients, though it was partially offset by decrease Bitcoin costs in the course of the quarter in comparison with the identical quarter final yr.
In the meantime, the corporate reported income of $1.16 billion and a complete gross revenue of $1.87 billion, representing a 27% enhance in revenue in comparison with the identical quarter final yr.
Money App, Block’s best-known consumer-facing product that additionally facilitates Bitcoin to US greenback buying and selling, delivered gross revenue of $968 million, up by a powerful 37% year-over-year.
“We delivered sturdy progress and profitability at scale in the course of the second quarter of 2023,” the shareholder letter mentioned.
Block’s CEO Jack Dorsey is a widely known Bitcoin proponent, and has pushed the corporate in direction of a stronger concentrate on Bitcoin.
Amongst different issues, Block’s Money App in October final yr carried out Bitcoin Lightning Community funds on its app, enabling sooner and cheaper Bitcoin transactions for customers.
Along with providing Bitcoin to its clients, Block additionally holds some 8,027 BTC by itself steadiness sheet, in response to figures from Buybitcoinworldwide.com.
There have been no impairment losses reported on Block’s personal holding of Bitcoin, which was price $245 million as of the tip of the quarter.