Founded by Jack Dorsey, Block generated billions of dollars in revenue from Bitcoin in the third quarter.
From Bitcoin in the third quarter of last year $1.77 billion Block, which generated revenue in the third quarter of this year $2.42 billion, an increase of 37% income announced.
The company’s gross profit increased by 22% in the same period. From $37 million to $45 million output.
block, sold to customers Bitcoins come; It evaluates the earnings it obtains from the scissors and transaction fees in these transactions as gross profit.
According to the letter sent to shareholders, this growth was due to both the increase in the average market price of Bitcoin and the growth in the volume of Bitcoins sold through Cash App.
The value of Bitcoins in Block’s company reserves also increased compared to last year. In the letter, “As of September 30, 2023, the book value of our investment in Bitcoin is 102 million dollars; Its fair value is 216 million dollars.” It was said.
The difference in value stems from accounting rules that determine how to evaluate losses in value in the market.
Thanks to the rules recently approved by the Financial Accounting Standards Board in the USA, companies can also share the fair value of the cryptocurrencies in their reserves.
Block to Bitcoin between 2020-2021 $220 million He had invested.