Jack Dorsey's Block Adds 108 Bitcoin in Q2, Posts Higher Revenue and Profit
Main Idea
Jack Dorsey’s Block Inc. reported a 1.5% rise in Q2 revenue to $6.05 billion, with $2.14 billion from Bitcoin sales via Cash App, and recognized a $212.2 million gain on bitcoin remeasurement.
Key Points
1. Block Inc. purchased 108 BTC during Q2 with a cost basis of $11 million.
2. The company recognized a $212.2 million gain on bitcoin remeasurement during the quarter, compared to a $70.1 million loss in the same period last year.
3. Bitcoin sales via Cash App generated $2.14 billion in revenue and $66 million in gross profit.
4. Block's Q2 purchase continues its steady bitcoin buying strategy under CEO Jack Dorsey, contrasting with MicroStrategy's high-conviction model.
5. Block shares jumped 6% in after-hours trading following the report’s release, and the company was recently added to the S&P 500 index.
Description
Dorsey's fintech company now holds 8,692 BTC worth over $1.15 billion, according to the company’s latest 10-Q filing.
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