Block's Bitcoin investment by Jack Dorsey had a profit of US$207 million as of the end of last year

Block, the fintech company led by former Twitter CEO Jack Dorsey, releases its fourth-quarter 2023 earnings report. Revenue from Block’s Cash App reached $3.91 billion in the fourth quarter of 2023, a year-on-year increase of 31%. The company’s total Bitcoin sales to customers through Cash App in the fourth quarter were $2.52 billion, a year-over-year increase of 37%; profits were $66 million, a year-over-year increase of 90%. As of December 2023, the company has made $207 million in gains from its Bitcoin investments. It is reported that Block invested US$50 million and US$170 million in Bitcoin at the end of 2020 and early 2021 respectively. The company held 8,038 Bitcoins on its balance sheet at the end of 2023, worth about $340 million, and the investment is now worth more than $400 million. Block's shares rose 12.35% to $76.10 in after-hours trading following the earnings release. (Decrypt)