Block Inc., the fintech company led by Jack Dorsey, has released its earnings report for the second quarter of 2024, showing a 9% year-over-year rise in Bitcoin revenue, totaling $2.61 billion.
This growth contributed to Block’s total net revenue of $6.16 billion for the quarter, resulting in an 11% rise compared to the same period last year.
According to the report, a big portion of this revenue came from Block’s Cash App, which made $4.13 billion during the quarter. Notably, $1.52 billion of this was obtained from Bitcoin transactions.
Cash App also experienced a notable 52% increase in Bitcoin profit, climbing to $67 million. This profit increase is mainly due to Bitcoin’s average price going up more than 45% this year, reaching $64,777 at the end of June.
Moreover, Block’s total gross profit saw a robust 20% increase year-over-year, reaching $2.23 billion. Additionally, net income attributable to common shareholders improved to $195 million, up from $102 million in the same quarter of the previous year.
Despite these gains, Block reported a $70 million loss from its Bitcoin investments. As of June 30, 2024, the company held approximately 8,211 BTC, valued at $515 million. Over the past quarter, Block acquired around 173 BTC, increasing its Bitcoin holdings.
Block has also announced plans to raise $2 billion through senior unsecured notes. This funding will help improve the company’s liquidity, which stood at $10.3 billion at the end of the quarter. The funds will be used to pay off debt, make acquisitions, and support other important investments.
Also Read: Blackrock Continues To Buy Bitcoin Amid Price Drop
