This institution has gained 207 million dollars in bitcoin stock

Block, under the leadership of Jack Dorsey, reported a profit of $207 million from Bitcoin. This comes after strategic investments totaling $220 million in 2020 and 2021.

In the year Block Bitcoin holdings at the end of 2023 were 8,038 BTC. Their value has now grown to more than $400 million, which highlights the growing institutional confidence in Bitcoin as a valuable asset.

Block Share Rises After Bitcoin Profits Are Reported.

Block's latest earnings showed $2.52 billion in Bitcoin sales through the Cash app, a 37 percent year-over-year increase. As a result, Bloc's share price rose 5.3 percent on Thursday, reflecting investors' confidence in the company's crypto venture.

“The year-over-year increase in Bitcoin revenue and gross profit was driven by an increase in the average market price of Bitcoin and an appreciation in the value of Bitcoin stock during the quarter,” the report said.

The Block Cash app has been instrumental in Bitcoin transactions. Dorsey aims to make the Cash app a trusted banking alternative, emphasizing its user-friendly features.

Read more: Cash App Review 2023: Everything you need to know

It is also noteworthy that the crypto market rebounded in the fourth quarter of 2023, and Coinbase exceeded Wall Street's expectations. Coinbase's revenue grew 45.2%, driven by increased trading activity.

This aligns with the broader institutional and consumer Bitcoin hoarding trend, shaping investment strategies.

Companies and countries that collect Bitcoin

For example, micro-strategy has particularly influenced the Bitcoin investment platform. The company's bold bitcoin accumulation strategy has resulted in $3.7 billion in profits.

According to Saylor Tracker, MicroStrategy holds 190,000 BTC worth $9.74 billion. The average price per Bitcoin was $31,464. This micro-strategy reflects the belief in the long-term value of digital currency.

Similarly, El Salvador is famous for its Bitcoin hoarding strategy, becoming the first country to accept BTC as legal tender in 2021. The country's Bitcoin holdings are 2,843 BTC, worth $145.4 million. The average purchase price was $42,482 per bitcoin.

Read more: Who will have the most Bitcoins in 2024?

This investment brought El Salvador an unexpected profit of 24.6 million dollars, which shows the potential of Bitcoin in national financial strategies.