LATEST: Jack Dorsey’s Block Shines in Q3 with $2.42 Billion Bitcoin Revenue

Block, the tech firm previously known as Square, reported impressive Q3 earnings that exceeded analyst expectations, driving its share price up significantly in after-hours trading. The highlight of the report was a remarkable 37.5% growth in Bitcoin revenue, reaching $2.42 billion, compared to $1.76 billion last year. Additionally, Block’s gross profit from Bitcoin soared to $44 million, up from $36 million last year. The company also highlighted its Bitcoin holdings, valued at $216 million based on market prices, marking a $114 million increase over book value. Bitcoin revenue accounted for 43% of the total, driven by the success of Block’s CashApp product.

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