Payment company Block, Inc. said that bitcoin sales on its Cash App platform jumped 34% in the second quarter from the same period last year to a whopping $2.4 billion.
Gross profit from the bitcoin sales came in at $44 million, up 7% year over year. The company said customers were buying more of the digital asset, even with declining prices.
"The year-over-year increase in bitcoin revenue and gross profit was driven by an increase in the quantity of bitcoin sold to customers, partially offset by a decrease in the average market price of bitcoin compared to the prior-year period," the company said.
Block noted its bitcoin investments, having purchased $50 million in the fourth quarter of 2020 and $170 million in the first quarter of 2021.
"As of June 30, 2023, the fair value of our investment in bitcoin was $245 million based on observable market prices, which was $142 million greater than the carrying value of the investment after cumulative impairment charges," Block wrote in the report.
Revenue for the quarter rose to $5.53 billion from $4.40 billion in the same quarter last year. Gross profit over the period increased to $1.87 million from $1.47 million.
Block shares declined 5.5% in post-market trading to $69.53, according to TradingView. The stock has rallied 10.9% so far this year.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.