The success of alpha crypto Bitcoin in the second quarter of 2023 was crucial for Block Inc. The payments startup, led by Twitter founder Jack Dorsey, reported outstanding earnings, recording $5.5 billion in revenue overall. Notably, a sizeable portion of the $2.4 billion came from Bitcoin sales.
Comparing this time to last year’s figure, the revenue associated with Bitcoin has increased by an astounding 34%. Despite experiencing lower Bitcoin prices throughout the quarter, the gain in Bitcoin revenue and gross profit was primarily driven by an increase in the amount of BTC sold to clients.
Cash App, Block’s consumer-facing product, has become crucial in sustaining the business’s outstanding revenue growth in recent years. This program not only sped up financial transactions but also fundamentally changed the landscape of digital banking.
Cash App’s Contribution To Block’s Revenue Growth
The gross profit numbers for…
