The payment company Block, founded by Jack Dorsey, who is known for his support of Bitcoin and has been buying Bitcoin at the same rate every week for years, announced the Bitcoin sales of CashApp. The company’s second-quarter sales were up 34% year-on-year to $2.4 billion.
Gross profit from Bitcoin sales also increased by 7% compared to the same period last year and amounted to $44 million. In the statement made by the company, it was stated that customers are buying more BTC despite falling prices.
The Block company also announced that the fair value of its Bitcoin investments as of June 30, 2023 is $245 million. It was also stated that this figure is 142 million dollars more than the money paid in the investment made. Block’s revenue of $4.4 billion in the same period last year increased to $5.5 billion this quarter. Gross profit increased from $1.47 million to $1.87 million. After the statements, there was a 5.5% decrease in Block share price, and the price fell to $ 69.