Jack Dorsey’s Block reaps $207M profit on its Bitcoin haul

Jack Dorsey owned Fintech company Block reported a gain of $207 million on its Bitcoin (BTC) holdings, the company’s fourth-quarter earnings report shows.

Block, as of Dec. 31, 2023, held approximately 8,038 BTC for investment purposes with a fair value of $340 million.

Block made $66 million in gross profit on bitcoin sales last quarter through Cash App, its banking services platform.

Overall, Block reported its gross profit grew 22% yearly to $2.03 billion. Square generated a gross profit of $828 million, up 18% year over year, and Cash App generated a gross profit of $1.18 billion, up 25% year over year.

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