Block’s Bitcoin-relate Revenue Reaches $2.6B

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In the second quarter of 2024, Block Inc., the payment company led by CEO Jack Dorsey, released their financial earnings report which showed a 9% growth in Bitcoin revenue compared to the previous year.

The total Bitcoin revenue for the quarter was $2.61 billion, contributing to a total net revenue of $6.16 billion, which is an 11% increase from the same period in 2023.

When excluding revenue from Bitcoin, Block‘s total revenue was $3.54 billion, reflecting a 13% growth from the previous year.

Block defines Bitcoin revenue as the total amount of BTC sold to customers. Cash App, a popular mobile app owned by Block, generated $4.13 billion in revenue during the quarter.

Excluding the income from Bitcoin transactions, the revenue for Cash App was $1.52 billion. In the second quarter of 2024, Cash App also generated $67 million in gross profit from Bitcoin.