TECH - Jack Dorsey's Block Rakes In $44M Bitcoin Profit In Q3 Stock Soars As Crypto Play Pays Off | Benzinga
Block Inc‘s (NASDAQ:SQ) Bitcoin (CRYPTO: BTC) revenue grew 37.5% to $2.42 billion from a year earlier.
What Happened: In after-hours trading, the Jack Dorsey-run company witnessed a surge in its share price after surpassing analyst expectations for its third-quarter earnings.
The gross profit derived from Bitcoin also rose to $44 million, marking an improvement from the previous year’s $36 million.
The company also highlighted the value of its Bitcoin holdings in its corporate treasury, which amounted to $216 million based on market prices. Importantly, the market value of these holdings exceeded their book value by $114 million.
Notably, Block did not ...