Block’s Q4 BTC sales total $2.52 billion

Block, led by Jack Dorsey, experienced a significant increase in Bitcoin sales during the fourth quarter of 2023, reaching a total of $2.52 billion. This represents a 37% growth compared to the previous year. Additionally, Block acquired $207 million worth of overvalued Bitcoin assets. As of the end of last year, the company held approximately 8,038 BTC, valued at around $340 million.

Block’s mobile payment platform, Cash App, also saw impressive profits of $66 million from Bitcoin sales. The gross profit of Bitcoin experienced a substantial 90% increase year-over-year.

Following the main session in New York on Thursday, Block’s shares experienced a 5.4% rise, closing at $67.96. The news of strong post-market reporting further boosted the quotes by 13.2% to $76.9, reaching the highest point since December 2023.

Previously known as Twitter, Jack Dorsey’s payments company, now called X creator, has successfully focused on streamlining production, leading to positive results in the last quarter. However, in late January, Block had to make some organizational changes and laid off over 1,000 employees, constituting 10% of its workforce. The memo reviewed by journalists revealed that the layoffs primarily affected employees in the Cash App, Foundational, and Square divisions.