Block 2023 Q4 Financial Report: Bitcoin investment has yielded a profit of $207 million

The financial technology company Block, led by former Twitter CEO Jack Dorsey, has released its earnings report for the fourth quarter of 2023. The report shows that the total sales of Bitcoin sold to customers by the company amounted to $2.52 billion, an increase of 37% year-on-year, with a profit of $66 million, up 90% year-on-year.

 

As of December 2023, the company had earned $207 million from its investment in Bitcoin. It is reported that at the end of 2020 and early 2021, Block invested $50 million and $170 million respectively to buy Bitcoin. By the end of 2023, it held 8,038 Bitcoins on its balance sheet worth about $340 million; this investment is now valued over $400 million. After releasing their financial statement, Block's stock rose by 12.35% in after-hours trading from a closing price of $67.96 to reach $76.10.