- This is a 34% increase over the same period in 2022.
- Gross bitcoin revenue was $44 million.
Payment company Block, Inc.. announced that bitcoin sales on its Cash App platform grew nearly 34% year-over-year in the second quarter of 2023 to hit the $2.4 billion mark.
The report says gross bitcoin revenue was $44 million, an increase of 7% year-over-year. The company noted that its customers are actively increasing their purchases of digital assets despite declining prices.
The firm also disclosed its investments in the first cryptocurrency:
“As of June 30, 2023, the fair value of our investment in bitcoin was $245 million based on market prices.”
Total net revenue in the second quarter of 2023 was $5.53 billion,
a 26% increase from the first quarter of 2023. Gross profit was $1.87 billion, up 27% from the previous year.
Remember, Cash App founder Bob Lee was murdered in San Francisco in April.