Block Reports Nearly $2 Billion in Q3 Bitcoin Revenue
Block Reports Nearly $2 Billion in Q3 Bitcoin Revenue
Jack Dorsey's financial services company, Block, announced its third-quarter results, revealing approximately $1.97 billion in Bitcoin revenue. This substantial figure accounted for nearly one-third of the company's total revenues for the quarter. However, the reported Bitcoin revenue saw a decrease from $2.4 billion during the same period last year.
Block's Q3 Performance: Bitcoin Revenue Contribution
In its latest financial disclosures for the third quarter, Jack Dorsey's Block (formerly known as Square) highlighted that its bitcoin-related revenue reached close to $1.97 billion. This significant sum underscores the continued importance of Bitcoin to Block's business model, making up almost one-third of the company's overall revenue for the quarter.
Despite the robust performance, the current quarter's Bitcoin revenue marks a decline when compared to the $2.4 billion generated in the third quarter of the previous year. This year-over-year decrease reflects broader market conditions and their impact on revenue streams for companies operating within the cryptocurrency ecosystem, while still showcasing a strong absolute revenue figure from Bitcoin transactions.