Jack Dorsey’s Block saw total customer sales of $2.52 billion worth of bitcoin in Q4, up 37% YoY

Quick Take

  • Its Cash App made $66 million in gross profits via sales of bitcoin, marking a 90% year-on-year growth.

Block, the payments company led by Jack Dorsey, recorded $2.52 billion in the total bitcoin sales amount to customers in the fourth quarter of 2023, which grew 37% year-on-year, according to its latest earnings report released Thursday. 

The earnings report showed that the company gained $207 million in remeasured bitcoin holdings. Block held around 8,038 bitcoin at the end of last year, which was worth around $340 million at the time.

“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 a benefit from the price appreciation of our bitcoin inventory during the quarter,” Block said in the report.

In the fourth quarter of last year, the company’s mobile payment platform Cash App profited $66 million by selling bitcoin, according to the report. This bitcoin gross profit marks a 90% growth year-over-year.

Square, Block’s financial services platform for small to medium-sized companies, made a gross profit of $828 million, up 18% year-over-year, while Cash App generated $1.18 billion in gross profit, reaching a 25% year-on-year growth. Block as a whole generated $2.03 billion in gross profits in the fourth quarter, marking a 22% year-over-year increase. 

The company’s net income attributable to stockholders was $178 million in the fourth quarter of last year, compared to a net loss of $114 million in the same period of 2022. For the full year of 2023, Block’s net income came in at $10 million, compared to a net loss of $541 million in 2022, according to the report.

Block’s shares closed up 5.41% on Thursday and added another 13.23% in after-hours trading.

Update: The headline has been tweaked for clarity.

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