According to PANews, Block, the payment company led by Jack Dorsey, has released its financial results for the second quarter of 2024, showing a net income of $6.16 billion, an 11% increase year-over-year. Bitcoin revenue for the company exceeded $2.61 billion, marking a 9% growth compared to the same period last year. The total gross profit for the quarter was $2.23 billion, a 20% increase from the previous year. Net income attributable to common shareholders reached $195 million, up from $102 million the previous year.

Block's Cash App reported a revenue of $4.13 billion for the second quarter. Excluding Bitcoin transaction gains, the revenue stood at $1.52 billion. Bitcoin gross profit was $67 million, reflecting a 52% year-over-year increase. Block attributed the growth in Bitcoin gross profit primarily to the rise in the average price of Bitcoin. Additionally, Block updated its Bitcoin reserve status, revealing an unrealized loss of $70 million on its Bitcoin holdings. As of June 30, 2024, Block held approximately 8,211 Bitcoins on its balance sheet for investment purposes, with a fair value of $515 million. The company purchased around 173 Bitcoins in the past quarter.