Block Q3 Bitcoin sales revenue was $2.42 billion, a year-on-year increase of 37%

ChainCatcher news, the third-quarter financial report released by the payment company Block shows that the company's net income for the quarter was $5.62 billion, a year-on-year increase of 24%. Among them, Cash App's Bitcoin sales revenue was $2.42 billion, a year-on-year increase of 37%. The gross profit from Bitcoin was $45 million, a year-on-year increase of 22%.

Block stated that the year-on-year growth in Bitcoin revenue and gross profit was driven by both the increase in Bitcoin prices and sales volume. In addition, Block did not recognize any impairment charges on its Bitcoin investments in the third quarter. As of September 30, 2023, the carrying value of Block's Bitcoin investments was $102 million, with a fair value of $216 million.