Block's Bitcoin revenue for the second quarter of this year was 2.61 billion US dollars, an increase of 9% compared to the same period last year

PANews reported on August 2, according to Cointelegraph, Jack Dorsey's payment company Block released its Q2 2024 financial report. The company's net income for the second quarter was $6.16 billion, an increase of 11% year-on-year. Among them, Bitcoin revenue exceeded $2.61 billion, a year-on-year increase of 9%. The total gross profit was $2.23 billion, a year-on-year increase of 20%. Net profit attributable to common shareholders was $195 million, higher than last year's $102 million.

Block's Cash App had revenues of $4.13 billion in the second quarter. Revenue excluding Bitcoin trading profits was $1.52 billion. Bitcoin gross profit was $67 million, a year-on-year increase of 52%. Block stated that the growth in Bitcoin gross profit is mainly driven by the rise in average prices of Bitcoin.

In addition, Block updated its bitcoin reserve status and said it has an unrealized loss on its bitcoin holdings of about $70 million as at June 30th ,2024 . As per their balance sheet they hold approximately 8211 bitcoins for investment purposes with fair value being around USD515 Million .The company purchased about173 Bitcoins during this past quarter.