Summary
TLDR: Under Jack Dorsey’s leadership, Block reported a $207 million profit from Bitcoin, with holdings now exceeding $400 million. Block’s stock price surged 5.3% after revealing $2.52 billion in Bitcoin sales through Cash App. Other companies like MicroStrategy and countries like El Salvador are also accumulating Bitcoin for long-term value.
Key Points
1. Block, under Jack Dorsey’s leadership, reported a $207 million profit from Bitcoin. This was after strategic investments totaling $220 million in 2020 and 2021.
2. By year-end 2023, Block’s Bitcoin holdings were 8,038 BTC. Their value has now grown to exceed $400 million, highlighting the growing institutional trust in Bitcoin as a valuable asset.
3. Block’s latest earnings reveal $2.52 billion in Bitcoin sales through Cash App, marking a 37% year-over-year increase. Consequently, Block’s stock price surged 5.3% on Thursday, reflecting investor confidence in the company’s crypto ventures.