Holding Bitcoin Paid Block 4x More Than Selling It to Cash App Users

Jack Dorsey’s Block booked a $229.7 million gain on its Bitcoin (BTC) holdings in the third quarter. That gain was more than 4 times the $52 million gross profit its Bitcoin business earned. Block stock rose 5.84% to $80.44 in after-hours trading on November 3, from a $76.00 close. The company topped its own guidance, and payments and lending delivered all of its gross profit growth. Borrowers and Card Spenders Carried Block’s Quarter Block’s gross profit grew 22% year over year to $3.24 billion, its shareholder letter shows. Cash App delivered $2.07 billion of that total, up 27%. Financial Solutions, which includes Cash App Borrow loans, added the most new gross profit. It rose 32% to $1.33 billion, led by Cash App lending.

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