Block, formerly Square, rides the bitcoin wave with a 34% Q2 revenue surge in Cash App, while facing share price troubles amid bitcoin’s ups and downs.
- Block (formerly Square) celebrates a 34% Q2 boost in Cash App’s bitcoin revenue.
- Bitcoin’s rollercoaster ride doesn’t faze Block, which reports $44 million gross profit.
- Despite bitcoin’s dip, Block’s overall financial results shine, but share price takes a hit.
- Among the top 10 BTC holders, Block’s bitcoin stash now worth around $234 million.
Block, formerly Square, led by Twitter’s ex-CEO Jack Dorsey, rakes in big bucks with a 34% Q2 boost in Cash App’s bitcoin revenue, while its overall financial results shine despite share price woes.
Hey there, crypto curious pals! Gather ’round as we unravel the story of Block, the money wizard, and its roller coaster ride through the world of bitcoin. Buckle up, it’s gonna be a wild one!
— Block Investor Relations (@BlockIR) August 3, 2023
Big Bucks and Bigger Smiles in Q2….
Hold onto your hats, because Block just dropped some dazzling digits in their shareholder letter. Their Cash App, the tech darling that keeps on giving, whipped up a delicious $2.39 billion in bitcoin revenue during Q2 2023. That’s right, billion with a “b”! That’s like finding a forgotten fiver in your jeans, but multiplied by a gazillion.
In case you’re wondering, that’s a jaw-dropping 34% more than what they cooked up in the same kitchen last year. And guess what? The icing on the bitcoin cake is a 7% year-over-year increase in gross profit from Cash App’s bitcoin deals. Talk about making it rain in the crypto world!
But wait, there’s more! Block’s got more than just bitcoin tricks up its sleeve. Their financial results, apart from bitcoin’s shenanigans, are as snazzy as a pair of fresh kicks. Yet, here’s the plot twist – their share price didn’t quite get the memo. While you’d think their stock would be sky-high, it’s doing the limbo, dipping around 6% after hours. Come on, stock market, get with the program!
Bitcoin’s Wild Ride and No Impairment Losses….
Now, let’s talk turkey, or should we say, bitcoin? Block’s been riding the bitcoin wave like a pro surfer. No impairment losses in sight during Q2 – their BTC stash held strong at a whopping $245 million in June. But oh, how the crypto tides can turn! With bitcoin’s price taking a little tumble later on, Block’s bitcoin treasure chest is now worth around $234 million. Hey, that’s still a lot of zeroes!
Guess what? Block’s rubbing shoulders with the crypto cool kids in the BTC holding club. They’re in the top 10, according to CoinGecko’s secret decoder ring. The current head honcho is MicroStrategy, who’s been snatching up bitcoin like it’s going out of style. We’re talking 152,800 BTC – that’s more bitcoin than you can shake a digital stick at!
To Sum It All Up….
But here’s where things get a tad quirky. Back in Q4 2022, Block’s bitcoin revenue had a bit of a dip, thanks to a market crash that made investors as jumpy as a kangaroo on a pogo stick. Despite that, their shares did a little happy dance with a 7% spike after the financial results were out. Go figure, right?
So there you have it, folks! Block’s been on a wild ride with bitcoin, raking in the moolah, but doing the stock market hokey-pokey. Who knows what the future holds? One thing’s for sure – in the world of crypto, things are never boring. So keep those crypto wallets close and your sense of adventure closer. The roller coaster’s just getting started!