Twitter founder Jack Dorsey’s company, Block, has made hundreds of millions of dollars in profits from its Bitcoin (BTC) investment.
Block on Thursday, February 22 2023 shared the fourth quarter report of the year. block, Late 2020 to early 2021 During the period between 2018-2018, he made strategic investments in Bitcoin and purchased millions of dollars.
In the report, December 31, 2023 as of $340 million worth 8,038 BTC thanks to their investments 207 million dollars profit It was stated that . The company in the fourth quarter of 2023 $66 million gross profit compared to the previous year by achieving a 90% increase noted.
According to the company’s shareholder report, Cash App Income from Bitcoin sales to customers through the application 2.52 billion compared to the previous year, reaching USD 37% increase showed.
Making a statement on the subject Jack Dorseymade the following noteworthy statements:
The biggest driver will be easy, connected banking features that just work and people can trust. The year-over-year increase in Bitcoin revenue and gross profit was driven by an increase in the average market price of Bitcoin as well as the benefit from the price appreciation of our bitcoin inventory during the quarter.