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Block, maker of the Cash App, recorded an increase in revenue from sales of bitcoin of $660.8 million in the third quarter, according to a regulatory filing Thursday.
The 37% increase over the company’s second quarter results reflects its customer’s appetite for buying bitcoin, even though the asset’s price fell by 11% during that period. These results have not yet accounted for the price surge experienced in October.
Total bitcoin revenue was reported to be $2.42 billion in the third quarter, up from $1.76 billion in the same period last year. After deducting costs of acquiring that bitcoin on behalf of customers, profit from sales came in around $45 million, similar to…
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