Jack Dorsey Block Reports 90% Growth in BTC Increase in Q4 2023

Block, led by CEO Jack Dorsey, announced in the fourth quarter of last year that it made $66 million in gross profit from selling bitcoins through the Cash app.

This is a 90 percent increase compared to last year, according to the company's earnings report on February 22.

Bloc's Bitcoin revenue soared to $2.5 billion.

The report revealed that Block's total Bitcoin revenue for the fourth quarter reached $2.5 billion, which represents a 37% year-over-year increase.

At the same time, the full-year results showed growth, with Bitcoin revenue reaching $9.5 billion, an increase of 34% over last year. Bitcoin's total profit rose 31 percent to $205 million.

The increase in Bitcoin revenue and overall profits can be attributed to a number of factors, including the increase in the average market value of BTC and the appreciation of Block's BTC count during the quarter.

In late 2020 and early 2021, Block made $50 million and $170 million in Bitcoin investments, respectively. In the year By the end of 2033, the company will hold 8,027 BTC worth approximately $413 million, according to CoinGecko.

The Cash app, a mobile payment service, facilitates seamless transactions, allowing users to easily buy, sell, send and receive Bitcoin through their smartphones or browsers.

“Cash App aims to be one of the leading providers of banking services for households earning up to $150,000 per year,” said CEO Jack Dorsey.

In the year Through Dec. 31, the company reported adjusted earnings of 22 cents per share, totaling $4.65 billion. That differs from analyst forecasts for EPS of 30 cents and revenue of $4.63 billion.

Jack Dorsey's Bitcoin Ventures

Since 2018, Jack Dorsey has been a vocal advocate for Bitcoin, integrating it into cash app services and investing heavily in the cryptocurrency. Dorsey's initiatives extend beyond traditional bitcoin trading.

Block subsidiary TBD has announced plans for decentralized Bitcoin trading, with the company looking to build a new wallet to allow customers to hold Bitcoin directly. Block has invested in a Bitcoin mining company to provide affordable energy solutions to regions like Kenya and Malawi.

Investors responded positively to Block's earnings report, sending the company's shares up 5.41 percent. The bloc's net profit for the quarter was $2.02 billion and $7.5 billion for the year, beating expectations. The company beat estimates for EBITDA, reporting $1.79 billion versus the forecast range of $1.66 billion to $1.68 billion.