Block Inc. Boosts BTC Holdings, Reports $212 Million Gain

According to the 10-Q formthis brought the company Total Bitcoin Treasury at 8.692 BTC.

A new block of buying costs about $ 11 million. All in all Bitcoin’s investment is $ 1.15 billion. The company recorded a gain of $ 212.2 million from the revaluation of its Bitcoin in Q2, compared to a loss of $ 70.1 million in the same period last year.

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Block also reported on the financial results for the quarter. Total revenue reached $ 6.05 billionwhich is a 1.5% increase compared to $ 5.96 billion in the first quarter. Gross profit rose to $ 2.54 billioncompared to $ 2.33 billion in the previous trimester.

Total revenue, $ 2.14 billion came from Bitcoin’s sale via cash. These sales earned a gross profit of $ 66 million. While Cash app processes large quantities of Bitcoin transactions, margin of profit remains relatively low.

Bitcoin It became a key part of Block’s long-term plans. In the first quarter, the company added 207 BTC its share, with a combined cost of $ 20.6 million to buy Q1 and Q2.

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